Sole traders are taxed in exactly the same way as individuals. A business enjoying good profits can expect to pay tax at the higher marginal rates. There is no asset protection if you are a sole trader so beware of ‘creditors.
A private company Limited by Shares is the most common business structure. Unlike sole traders and partnerships, companies have limited liability.
GET A GREAT ACCOUNTANT
A great accountant is just like a surveyor because they know where the boundaries are.
They will ensure that you go to the limit with your deductions but that you don’t claim so much that you leave yourself open to a visit from Revenue Audits. With their fees being tax-deductible too, why wouldn’t you use a professional to handle your affairs?
WHAT’S THE NEXT STEP FOR ME TO DO?
We hope you found this blog useful.
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