Opinion

Incorporate now

If you are in the early stages of setting up a new business or you are an existing, but unincorporated business, say a partnership or sole trader, now may be a good time to consider changing to a limited company.

This is because in the last budget the Chancellor reduced the rate of Corporation Tax so that those carrying on business through a limited company will end up paying less tax than those who aren't. From April 2011, it's now 20 percent for small firms and 26 per cent for larger concerns.

And of course there are the other benefits that go with a limited company - limited liability and greater flexibility when it comes to outside investment.


This was first published in April 2011

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