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What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What does the ‘Personal Tax Allowance’ mean?
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2021/22 tax year, it is...
Tax advantages of a Limited Company
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 7.5% tax is due after the first £2,000 is paid out. You pay income tax on...
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