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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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7. Personal Tax Bills

Introduction

When running a business you need to give careful consideration to how you take profits out of it. To a large extent this is dictated by the choices you make initially about your business structure.

Extracting funds from a limited company is arguably more difficult and potentially more costly than extracting funds from a sole tradership or partnership. However, as we have already seen, the overall tax rate and tax liabilities can be significantly lower using a limited company. Whichever way you run your business the method by which you choose to pay yourself will have an impact on your personal tax liabilities and is therefore a fundamental part of your tax planning strategy.

Income tax bands 2010-11 ...

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