RE: FN-FORUM: llp vs ltd

date posted 15th August 2004 14:48

Hi Rob
< Are any of you out there LLP (Limited Liability Partnerships)>
Yes, we are.
There's a reasonably comprehensive overview of LLPs in PCG's Guide to
Freelancing, available free of charge at www.pcg.org.uk. It also includes a
bit about working from home, and there is another new document on the site
called "Doing your homework", which is available for download from
http://www.pcg.org.uk/resources/, and this explains all the tax implications
etc about working from home and what you should and shouldn't claim.
As an LLP, we possibly pay more tax, because we are taxed as individuals on
our share of the partnership's profit before drawings and there are no
"hiding places". It is however very straightforward to administer, and you
don't have to operate a PAYE scheme. Being self-employed, you don't pay
company car tax either; you just have to deduct a proportion of all your
motor expenses to reflect private usage, which is not an allowable business
expense, when doing the adjusted computation for tax purposes.
Hope that helps, and good luck with the project.
Kind regards

Lindsay
-----Original Message-----
From: [EMAIL REMOVED] [EMAIL REMOVED] On Behalf Of Rob
Garbutt
Sent: Sunday, August 15, 2004 3:05 PM
To: FN-FORUM / [EMAIL REMOVED]
Subject: FN-FORUM: llp vs ltd


Hi all,

Are any of you out there LLP (Limited Liability Partnerships)

If so, what are the advantages of it over a ltd company? Do you work from
home and if so do you claim any rent, lecky, gas phone etc? Do you run a
car and if so is it a better way to pay for the running if the vehicle than
being a ltd company?

cheers all


Rob


--
Freelancers, contractors earn more with Prosperity4
Call 0870 870 4414 or visit www.prosperity4.com
and benefit from Inland Revenue approved expenses today.

To advertise here: http://www.freelancers.net/advertising.html