Tax Tips - Trading Vehicles

These tips are guidance only and do not constitute specific advice. Detailed professional advice should be taken before action or refraining from action.

Incorporation into a limited company will reduce the higher rate of tax of 40%. The small company corporation tax rate of 21% is applicable on profits (up-to £300,000). The potential tax saving are now quite small, in comparison to operating as a sole trader or partnership. There are various other considerations and factors to consider before incorporation.

Designated Members : M.J. Jay, F.C.A. • P.E. Farrow, F.C.C.A., A.C.A. • J.W. Hall, F.C.C.A., A.C.A. • J.R. Turner, Dip. P.F.S., A.I.F.P. • R.D. Gray, A.C.I.B. • S.J. Edwards, A.C.A.
Member: S.T. Boote, B.Sc (Econ), F.C.A.

Offices at King's Lynn and Downham Market. Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Mapus-Smith & Lemmon LLP is a registered limited liability partnership.