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Incorporation TaxAssist Accountants [Venue / Date]

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Incorporation TaxAssist Accountants [Venue / Date]. The Advantages of Incorporation . Commercial Advantages . Protection of personal assets Improved business status Winning new business More attractive to investors Company pension scheme attracts company tax relief . Tax Advantages .

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Presentation Transcript
commercial advantages
Commercial Advantages
  • Protection of personal assets
  • Improved business status
  • Winning new business
  • More attractive to investors
  • Company pension scheme attracts company tax relief
tax advantages
Tax Advantages
  • Reduced tax on profits
  • Corporation tax rate of 12.5% for trading companies
  • Assist in tax planning and succession planning
commercial disadvantages
Commercial Disadvantages
  • Filing accounts publicly
  • Administration burdens
  • Business and private expenditure cannot be mixed
  • Tax savings uncertain
tax disadvantages
Tax Disadvantages
  • Treatment of trading losses
  • Tax position on the sale of the business – can lead to double taxation if not planned correctly
  • Withdrawals normally trigger a tax implication
other factors
Other Factors
  • Plant/Machinery/Vehicles
  • Spouse and Family
  • Commercial image
case study
Case Study
  • John is a sole trader and currentlyhas profits of €110,000.
  • He needs €60,000 gross to meet his day to day living expenses
  • John is single
case study1
Case Study

Sole Trade

Limited Company

110,000

60,000

50,000

(6,250)

43,750

38,019

81,769

  • Profit 110,000
  • John’s wages -
  • Net Profit 110,000
  • Tax on profits (48,281)
  • Profit after tax 61,719
  • Plus net wages -
  • Total after tax 61,719
case study2
Case Study
  • Summary:
    • Tax saving of €20,050 by incorporating
    • Important to note that €43,750 is held by company
thank you
Thank you!

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