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Professional Practice Incorporation

Should I Incorporate my Business?

In response to changes in legislation, many professionals such as solicitors, accountants and in fact Dentists can now incorporate their businesses and tap into the many advantages previously enjoyed only by their clients. 

Over the last few years you will have read a lot about this matter and perhaps even dismissed the idea however we urge you to think again because this an important opportunity but one that simply needs an experienced and knowledgeable adviser to implement correctly.

Deciding whether to incorporate your business is a very important decision.  It is necessary to review all of the legal, tax and business implications in order to make an informed decision as to whether incorporation is right for you.

Key Benefits to Incorporation

  • Tax benefits
  • Limited liability protection from creditors
  • Structural, management and partnership issues

AGK – How we can help you

In common with all business owners, your key tax concern is “have I planned my affairs so that I am paying the minimum tax legally allowed?”

AGK are a firm of Chartered Accountants, Chartered Tax Advisors and Registered Auditors and we have been established for over 20 years, providing advanced support to professions such as doctors, dentists, lawyers, surveyors and accountants in practice. 

Unless you have previously taken tax planning advice from a tax specialist like us, it is likely that you are currently structured in a way that would mean a higher tax burden than necessary over the coming years. 

We believe this to be the case, and to prove this, we are prepared to meet with you for a FREE consultation during which you will understand the savings that can be achieved and the process to be adopted.

By showing you the amount of tax that can be saved in the future, we hope to be instructed to implement the required changes and present our general practice services to you such as accountancy, audit, tax returns and payroll. 

Bespoke Tax Planning

We don’t offer tax schemes or one size fits all structures, as we recognise that each business is different and business owners have differing profit extraction requirements.

We will discuss and consider the relevant facts of your situation in the FREE meeting and carefully weave together a bespoke structure that is right for your circumstances, explaining every issue verbatim.

All information is taken into consideration in reaching our conclusion and proposal; we consider your past history, current situation, future plans, any relevant partnership issues, the legal and regulatory framework under which you operate, your spouse and next of kin, goodwill and valuation of your business, company law, all areas of taxation including partnership tax, corporation tax, national insurance tax, dividend tax and much more. 

Brief Case Study

James, a lawyer, practicing as a sole trader, approached us for advice and wanted to keep his tax bill to a minimum as well as planning for new partners to join his practice

James’ Key facts

  • Estimated taxable income for next five years was £520,000 per year starting 31 March 2012
  • All post tax profits required for personal expenditure each year

Result of planning

A structure including a limited company and limited liability partnership resulting in a cumulative tax saving of £491,000, as well as NIC savings, by 31 March 2016.

Arranging a no fee consultation