Incorporation remains a hot topic for legal practices, but is it right for you? You will want to understand the benefits available to your law firm, the tax regime applicable to limited companies and their owners and the additional compliance and regulatory requirements that come with incorporation.
Hazlewoods can advise on the options available and the optimum business structure for your practice. We provide a comprehensive assessment, setting out everything you need to know about incorporation to enable you to make an informed decision and to guide you through the process. This covers the implications for the owners, the staff and the business itself. We stay close at hand to guide you through each step, giving you as much support as you need.
How can we help you?
We can assist you with all aspects of the process, including:
- Valuation of potential goodwill
- Understanding the different tax regimes
- Estimating the tax and cashflow implications
- Optimising the timing of the change
- Forming the company and other company secretarial matters
- Liaising with your financial and legal advisers as required to produce the necessary agreements
- Liaising with HMRC on PAYE and VAT matters
- Applying to the SRA for approval of the new business entity
- Working with your finance team to adapt your accounting records
- Creating a tax-efficient remuneration structure for the owners, considering:
- Salary vs dividend
- Interest on loans
- Pension arrangements
- Family tax planning