THERE. IT. IS. The big question. Our top FAQ. Trouble is, the answer is ..... It depends!!!! Yes, that old chestnut! 🙄
Had you been asking this question 5 years ago, the answer would usually be yes. That's why we saw so many small businesses incorporate. It was mostly for the tax efficiency of drawing a small salary topped up with dividends.
A new dividend tax came into play from 6th April 2016 and threw a spanner in our number-crunching works 🔧
It's now impossible to advise without knowing the intricacies of your individual circumstances, but here are a few of the main points to consider:
👉 Limited Liability
👉 Potential increased profitability
👉 Investment opportunities
👉 Borrowing power
👉 Paperwork and legislation
The list is not exhaustive, and each point requires careful and extensive consideration, so I implore you to speak to an expert first ....
Pick me 🙋😉
Pick me 🙋😂
AND DON'T FORGET ABOUT PARTNERSHIPS!!
By Michelle Morris on 18/07/2020 19:30:00