LLP vs Ltd - Why might you choose an LLP over a limited company?
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- čas přidán 14. 06. 2023
- 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.
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I have checked this out and a lot of lenders dont like LLPs
If you have questions about this or other Tax and Accounting issues then please drop a line on our web page contact section wilkinssouthworth.co.uk/contact-us as this is the quickest way to receive a response.
Isn’t HMRC Spotlight 63 after this?
Hello there,
I am a tax resident and citizen of Finland, and I'm currently considering the incorporation of a Limited Partnership (LP) in British Columbia for my global trade business, focusing on import-export activities and online product sales in the EU market through platforms like Amazon. Given Finland's high tax system and social security contributions, I'm exploring the possibility of establishing my business entity in a jurisdiction with a more favorable tax environment.
Furthermore, I have plans to relocate to a country offering a better lifestyle, a positive family environment, and a more advantageous tax system. In light of these considerations, I am in the process of exploring whether to incorporate as an LLP or LP in BC as a non-resident or possibly establish a Limited Liability Company (LLC) in European regions with lower tax rates. I am seeking guidance on how the earnings from these options can be optimally treated for personal tax optimization.
Could you assist me in choosing the most suitable option for my circumstances? Your insights would be greatly appreciated.
Please drop a line on our web page contact section wilkinssouthworth.co.uk/contact-us as this is the quickest way to receive a response.
I am intested in LLP as a Landlord I use my car as a Landlord and i claim 45p a mile if i moved into and LLP can i still use this arrangment also would the title of my bussiness bank account change names
Please drop a line on our web page contact section wilkinssouthworth.co.uk/contact-us as this is the quickest way to receive a response.