You may be trading as a sole trader or partnership, but have you considered forming a limited company? This type of entity will not suit all traders so talk to us to see if it can be of advantage to your business. If you form a limited company then corporation tax will apply to the profits.
The tax is calculated at the end of every financial accounting period and is paid nine months after this date thereby giving the company a cash flow advantage over the status of sole trader or partnership.
The salary package can be structured in order to reduce the overall tax liability.
Putting your business into a limited company structure can also protect your personal assets, so speak to us for more information.