As the farming environment becomes more complex, we expect to see more people looking for alternative business structures including becoming a sole trader, partnership, limited or unlimited company.
There are advantages and disadvantages for each trading structure in terms of tax implications, status, control, risk and cost.
At David Allen we review each situation individually. As well as the tax and National Insurance differences, it is also important to consider future plans for the business as well as expected growth, degree of risk involved in the business, regulations which different entities must abide by, the costs involved and also your own preferences and what is important to you. We will discuss each area with you to ensure an informed decision is made.
The structure of your business can have a fundamental impact on your tax liability and future plans. Make sure you contact our team today to ensure you are operating under the right structure for you.