The decision as to whether to start a limited company or trade as a soletrader or partnership can be complicated and daunting.
The decision comes down to a number of factors, and we will take the time to discuss these with you, along with your future aims and aspirations.
Limited companies are considered separate legal entities to their owners (shareholders) and directors. This means the profit they earn belongs to the company. Profits need to be extracted from the company by way of salary and/or dividends as long as there is enough profit to do this. This can work out to be more tax efficient than trading as a soletrader or partnership in some circumstances.
Limited companies are required to file accounts with Companies House in a prescribed format, 9 months after their year end, and Corporation tax similarly.
Mouat Accountancy are able to help you with the planning and administration of your limited company, allowing you to run the business without the worry of compliance.