It is essential to appreciate the pros and cons of LLPs and limited companies when setting up a business.
There are various pros and cons when it comes to LLPs compared to limited companies. The recent increase in the standard rate of corporation tax has extended the potential value of LLPs for higher-rate taxpayers. However, one of the significant potential drawbacks is that LLPs cannot retain profits from previous years. Distributions are taken monthly with a balance payment at the year-end when the total annual profits have been confirmed.
It is important that you take advice from your accountant as to the best setup for your business. While taxation is obviously an important consideration, there are many other factors to take into account.
Wilkins Southworth is a friendly accountants practice based in Barnes, South West London.
The practice has an international aspect that means we have built up a bank of experience in dealing with Double Taxation Treaties and liaising with tax offices around the world.
Business Tax and Property Tax Articles and Videos
Chris Wilkins is often invited to write tax and accounting articles for magazines, journals and trade publications.
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Visit this section for a selection of articles that have been published in recent years.
For more information on the Bounce Back Loans Scheme or the accounting services we provide, please feel free to contact us by post, telephone, fax or e-mail using the details below.
Wilkins Southworth
Telephone: 020 8878 3949
E-mail: cw@wilkinssouthworth.co.uk
*Property, Tax and Business articles*
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