- Original Poster
- #1
HI,
Sorry to ask a common question again but i have included all detail rather than just a do you think ltd or not etc !
I run a convenience store as a partnership with my fiancee although she is a business partner in namesake but not drawing a salary from the shop as she also works elsewhere:
We lease our building have no debts or overdrafts and our only borrowings are the credit accounts at our main suppliers which are all paid on 7 day terms.
The reason we are looking at going Ltd is mainly to investigate whether we (or I) would become more tax efficient on that basis ?
We have an accountant and produce monthly accounts and i have taken advice from them on this but as always would like to seek other opinions both from a professional perspective and personal perspective.
I appreciate it is hard to give advice without full details so i will outline summary figures from 2011 / 2012 accounts for you to peruse !
Turnover £895k
Gross Profit £130k
Nett Profit £47k
Im on a standard Tax Code
For 2011/2012 year i took a income on my SA of £49k (£2k non deductible expenses IIRC)
I am expecting 2012/2013 Net Profits to be in the same ballpark figure give or take £2k
We have a light commercial vehicle at present that is on a contract hire to us and has minimal personal use and i think may be 95% attributed to the business.
Thoughts and opinions please ? And if you need anymore info please ask !
Thanks Again !
Sorry to ask a common question again but i have included all detail rather than just a do you think ltd or not etc !
I run a convenience store as a partnership with my fiancee although she is a business partner in namesake but not drawing a salary from the shop as she also works elsewhere:
We lease our building have no debts or overdrafts and our only borrowings are the credit accounts at our main suppliers which are all paid on 7 day terms.
The reason we are looking at going Ltd is mainly to investigate whether we (or I) would become more tax efficient on that basis ?
We have an accountant and produce monthly accounts and i have taken advice from them on this but as always would like to seek other opinions both from a professional perspective and personal perspective.
I appreciate it is hard to give advice without full details so i will outline summary figures from 2011 / 2012 accounts for you to peruse !
Turnover £895k
Gross Profit £130k
Nett Profit £47k
Im on a standard Tax Code
For 2011/2012 year i took a income on my SA of £49k (£2k non deductible expenses IIRC)
I am expecting 2012/2013 Net Profits to be in the same ballpark figure give or take £2k
We have a light commercial vehicle at present that is on a contract hire to us and has minimal personal use and i think may be 95% attributed to the business.
Thoughts and opinions please ? And if you need anymore info please ask !
Thanks Again !
