With effect from
1st October 2002 we incorporated and became a Limited
Liability Company.
Originally, many of the professions
were not allowed to practice as corporate bodies
and in fact Solicitors, Doctors and Dentists are
still precluded from this. However, the rules were
relaxed with regards to Accountants and we have
taken this step of moving forward and this will
allow us more tax planning opportunities.
In fact there are substantial tax
benefits available to many small businesses by forming
a Limited Liability Company and trading via this
means. We understand approximately half the London
taxi drivers are now operating as individual Limited
Liability Companies because of the tax and national
insurance contributions savings to be had.
We have a computer programme called
"Incorporation Tax Planner" which compares
the liabilities of a Sole Trader or Partnership
against a Limited Liability Company.
If you would like a free assessment
of how much tax could potentially be saved, please
e-mail the key figures from your last Accounts (
Turnover, Cost of Sales, Expenses & Overheads,
and Drawings ) and we will prepare you the appropriate
report.
