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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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8. Extracting Cash from a Business

Introduction

This chapter looks at the methods which limited companies and traders using unincorporated businesses may have available to them for extracting profits from their businesses and potential tax implications. It concentrates mainly on the limited company owner as most structures for the unincorporated business are relatively simple.

Extracting profits as a sole trader

The owner of an unincorporated business can take their profits out of their business at their own discretion and at any time (so long as there is money there to be taken) and there is normally no immediate tax consequence. Tax liabilities of the sole trader or partnership are paid in January and July each year and are self-assessed ...

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