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Businiess name:
Axis Capital Group Business Funding
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Review by:
Erin S.
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Review content:
Tax tips: Plan early when incorporating a business to maximise tax relief on goodwill valuation
For businesses operating as partnerships, LLPs or sole traders, there are a number of tax advantages to incorporating into a limited company which can result in a significant reduction in the overall the rates of tax.
The profits of partnerships, LLPs and sole traders are all taxed directly on the business owners according to their rates of income tax, which are often as high as 45%, plus national insurance contributions.
By contrast, companies pay corporation tax on their profits, with directors being remunerated with salaries and benefits in kind, and shareholders able to share in profits through the payment of dividends. Companies having profits of less than £300,000 have been subjected to corporation tax at the rate of 20% since April 2011 (previously 21%), and with effect from April 2015 all companies, irrespective of profit levels, will pay corporation tax at this rate.
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