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DUE TO RECENT changes in tax legislation it is probably true to say that almost all sole traders and partnerships would save tax by forming a limited company. That is not to say that they should automatically do so as there are some important drawbacks too but certainly the possibility should be considered and professional advice sought. Sole traders with annual profits of between £20 000 and £50 000 would make an annual tax saving from operating as a limited company ranging between £3 000 and £3 800. For partnerships the calculations are more complicated but for a two-partner partnership where each partner's share of profits is within the same £20 000 to £50 000 range the annual saving for each partner is between £2 000 and £3 500. The figures of potential tax savings are based upon the assumptions that only...
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