Business structures

The tax system for partnerships

If you form a partnership, you must register it separately with HMRC even if the partners have previously been self-employed. If the partners are new to business, they must also register individually. Registration for both partnerships and individual partners is now done online.

Claiming expenses

The rules that determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

Tax and the company car pt 2

Use our calculator to check your car benefit, and see details of car related tax free benefits.

Limited liability partnerships

An LLP is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. They are intended for businesses which carry on a trade or profession, and are particularly attractive to larger professional partnerships.

Could your business survive without you?

As accountants and business advisers we get to know our clients very well. From our position, it is all too clear to us that many clients are too focused on 'today' to give serious thought to the future.

Benefits in kind and expenses payments

Benefits in kind are assessed on all directors and employees.

Interest and tax payments

HMRC charges interest on underpayments of tax, and pays interest (repayment supplement) on overpayments.

Do you need an audit?

Recent changes mean that small and medium-sized businesses will now be able to obtain an audit exemption if they meet two out of three criteria relating to balance sheet total, turnover and number of employees.

Getting the company struck off

A private company (not subject to insolvency proceedings) can apply to the Registrar of Companies to be struck off the register and dissolved.

Company bonus or dividend?

In many small companies, the owners are also the directors, and this gives importance to how income is extracted from the company.

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