In these changing times, we want to give you the support you need. At Bury Investment Bank we can help your business grow with our range of credit and lending facilities. Our Small Business Loans have fixed interest rates for lending between €1,000 and €25,000.*Last year we approved 92% of business lending (up to €30k)** for start-ups and businesses switching to us. You can find out in just two minutes if you’re likely to get the money your business is seeking with our indicative Business Lending Eligibility Checker. Contact us to find out more. Link Screen, our new online platform, transforms the way you apply for a business loan. It allows you to share, download, electronically sign and send documents through a secure, shared-screen platform. Find out more. If you’re ready to take your business to the next level, come and talk to us about our €14 billion lending fund for small businesses. Find out more Your money and your business.
Unincorporated businesses
- Sole traders, partnerships and limited liability partnerships give you the flexibility to withdraw funds for personal use at any time.
- Profits are mainly taxed as income in unincorporated businesses. They are good if you do not want to retain profits in the business, and just want an income and some kind of pension.
- National Insurance contributions (NICs) are generally lower than if you were an employee of a limited company.
- Sole traders and members of a partnership have unlimited liability for business debts.
- A limited liability partnership (LLP) lets you limit your liability. While strictly a corporate vehicle with legal requirements similar to those of a limited company, an LLP is generally taxed as an unincorporated business.
- Partnerships are flexible arrangements which make it easy to share large profits between family members. You do not have to justify a spouse or civil partner’s level of remuneration to HM Revenue & Customs (HMRC) as you would with a company.
Limited company
- Forming a company (incorporation) may be the right option if you want to retain profits and build capital value in the business.
- Corporation tax payable on a company’s profits will generally be lower than comparable income tax liabilities.
- You can pay yourself a combination of salary and dividends (see Extracting profits).
- Dividends are paid out of after-tax profits on which corporation tax of 19% (since April 2017) has been charged. But shareholding employees still generally pay less total tax and NI on dividends than on the same amount paid to them as wages.
- Legislation aims to prevent individuals diverting income to another person to gain a tax advantage.
- You may have to incur extra costs such as for audits and filing requirements at Companies House. By filing accounts, you are making information publicly available which would otherwise be private.
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+44 7451211742
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info@buryinvestment.org
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