Business (Partner, Unlimited or Sole Trader)

Business (Partner, Unlimited or Sole Trader)

The operation of business through a limited liability vehicle has become increasingly popular as the administrative costs and regulatory requirements of running companies and limited liability partnerships have reduced over the last 20 years.

Despite this many businesses continue to run on a sole trader or partnership basis and as such require the specialist tax and accounting skills that are relevant to the vehicle they choose to operate from. Typically, their annual accounting requirements are much simpler with no necessity for information to be published outside of the business. Their taxation requirements are also less complex with some significant advantages being available to them over an equivalent incorporated business.

Specialist tax advice is necessary to make sure these businesses are able to make use of different rules relating to the offset of trading losses, the soon to be changed rules on the taxation relating to accounting basis periods, as well as the opportunity to incorporate your business in a “tax free” transfer of assets should the risks of unlimited liability grow to a level which requires a change.

Partners and sole traders often require specialist advice around allocating personal versus business expenditure, or the use of assets, (such as cars) and we have much experience identifying these issues and advising on appropriate allocation processes.

Of course, partners and sole traders are individuals and will no doubt require all the services we offer to our private clients in respect of annual compliance and tax planning, wills and probate services, as well as advice covering many more relevant topics for business people who want to be on top of their financial affairs.

Relevant Services

Advisory topics

Income tax is exactly as it sounds, a ‘tax on your income’. However, not all income is taxable and even then you are only taxed when you earn above certain levels.

What is a taxable income?

Income tax applies to: earnings from employment, earnings from self-employment, receipts from most pension schemes (including state, company and personal), interest generated on most savings accounts, income from shares, rental income and income paid to you from a trust.

Essentially you can and will be taxed on almost everything you earn that is above your personal allowance.

How can we help?

At Barnes Roffe our team of tax accountants can help you to reduce the amount of income tax that is payable to the Government and keep your earnings where they belong – with you!

We are much more than your average accountancy firm. Through our commitment to providing you with the latest tax advice, support and industry knowledge, our tax consultants can ensure that you pay ONLY what you are liable for.

Contact our team today and let us help you to make understanding tax even simpler.

July 16, 2021

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July 16, 2021

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July 16, 2021

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They get to know you and understand your business and your needs.

Amanda, Clarkson Wright & Jakes Limited
The way they interact and engage with you is outstanding, they are always available, easy to get hold of and there when you need them.

Malcolm, Datek Solutions Limited
Barnes Roffe always find time, always... Stellar advice, very good business with a ‘genuine’ personal touch.

Michael, Affinity
Large enough to give all the services of the ‘big four’, but small enough to give that special customer service.

Gary, A1 Pharmaceuticals Limited

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