Philip Deane Accountancy

The decision on whether to incorporate into a limited company or remain self-employed is an extremely important one and can have far-reaching consequences. If you make the wrong choice it is not easily reversed. It can have a significant impact on the amount of tax that can be saved.

It is therefore extremely important that consideration is given as soon as is possible so that business owners can benefit from any savings at the earliest opportunity.Even small businesses need expert guidance through the tax minefield. Don't fall prey to HMRC's taxes and fines, let us manage your tax affairs to ensure your documents are in on time and your tax burden kept to a minimum.

Depending on the size of your business you have the option to use a variety of methods to minimize the VAT you need to pay. We will consider the different ways in order to determine the best option for your business. VAT varies significantly across the EU and trading with specific countries can be a minefield.

Of course, we all think that, but it is our experience that most self-employed people do indeed pay more tax than they need to - even those with accountants! We will advise you as to whether another business structure, such as a Partnership or a Limited Company would be more tax efficient. The popular view is that company cars are not tax efficient and should be avoided.

Limited Liability Partnerships are common in the UK and have a number of advantages over traditional unlimited partnerships. We can advise as to which is most suitable for your business and will look at the advantages arising. It may be that your current business structure is not right for you. We will consider whether changing the structure of your business would be more suitable.

Income tax is payable on any profits made from rental properties, but the amount of tax can be reduced depending upon the expenses which are incurred when letting out the property. We will be able to advise upon the expenses that can be claimed. If you are thinking of buying a property, whether it be commercial or residential, it can make a difference whether you purchase it privately, through a pension fund, or through a limited company.