There are many reasons for not choosing a Partnership in your position, for instance: They are less tax efficient than Limited Companies Partners must pay Class 4 National Insurance All Partners are responsible for all debts Partnerships can result in disagreements if...
Yes – assuming they are adults, and provided the salaries, and any other benefits you pay them, are commercially justifiable. These benefits could include: A company car Medical insurance Making payments into a registered pension scheme However, HMRC may...
As well as obvious things, such as: the physical, financial and data security, you should ensure that you have good IT and internet security; plus the necessary (including Cyber) insurance. It also makes sense to have a solid Business Continuity Plan. The structure...
If your Company has paid off its creditors and has less than £25,000 cash in the business, you could save liquidator fees of £3,000 or so by: By applying to Companies House, you can elect for it to be dissolved using form DS01; Paying out the funds as a Final...
Don’t use a debt collector in the first instance. Your client could be experiencing difficulties, so hiring a debt collector could mean you will lose them forever. Discuss the debt with your client, be civil and polite. It is SO important to keep the...
“Limited liability” generally refers to Limited Companies (and LLP’s). If they fail, the assets of the Company will be lost, but all of the personal assets of the shareholders will be safe. So, the business owners still keep their homes and investments and could...
