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Limited Companies - Egan Roberts Accountants Ribchester Lancashire
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Limited Companies

Helping you from the beginning

Egan Roberts Accountants Lancashire

 

Chartered Accountants
& Business Advisors Lancashire

Book a free meeting

Tel: 01254 583515

Email: Andrew@egan.co.uk

This area contains important information for limited company directors and shareholders, including advice on buying a ”ready-made” company, essential legal issues, tax saving and planning strategies and ideas on how to maximise the benefit of our services.

There is one main rate of corporation tax of 19%. Corporation tax rate is planned to reduce to 17% from 1 April 2020.

Deciding whether to be a sole trader or a limited company?

 

Alot of people choose to set up business as a “Sole Trader” because of its simplicity. As it’s easy to set up and brings relatively few legal responsibilities. However, sole traders face unlimited liability, meaning that there’s no legal distinction between them and their business. In other words, should they mount up big business debts they’ll be left personally liable – a worrying prospect for anyone taking substantial financial risks.

Elsewhere, sole traders aren’t always tax efficient, and setting up a limited company could be a better option – especially once your earnings reach around £25,000 or more. What’s more, limited companies also offer limited liability, meaning that there is a legal distinction between you and your business.

Does starting a limited company sound appealing? Well it’s always best to speak to an accountant first, as there are other things to consider before taking the plunge.

Legislation

The business is required to be registered with Companies House and ensure it complies with current legislation set out by the Companies Act 2006. 

How will you be paid?

In many small companies, the owners are also the directors, and this gives importance to how income is extracted from the company. We can help you decide between dividend or bonus.

Incorporation

Although you can set up a company using your own resources, we advise you to get in touch and we can help you form your limited company.