business services

Business structure

One of the most important decisions you’ll make is around the structure of your business. Whether you operate as a sole trader, partnership, limited liability partnership (LLP) or limited company will make a huge difference to your statutory responsibilities and likely tax liability. We can provide advice and calculations to help you make the right choice.

Sole trader status is the standard for smaller businesses, especially those without employees – although sole traders can employ people, contrary to popular belief. It keeps administration simple, avoiding the need to register with Companies House or file a corporation tax return. At the same time, depending on your circumstances, it might also mean you pay more tax and face a greater degree of personal liability if the business gets into trouble.

Partnerships are a lesser-used structure which offer similar advantages and disadvantages to sole-trader status. It’s vital when setting up a partnership to make sure everything is agreed in writing, from the distribution of profits to roles and responsibilities.

LLPs and limited companies are both forms of incorporated business. These offer the potential to pay tax on profits at a lower rate but come with additional statutory responsibilities. Many businesses move to limited company status as they grow, with owners becoming company directors, whose personal assets are protected. They typically take payment as a mix of salary, below the personal allowance threshold; dividends; and pension payments.

Talk to us for thoughtful advice on business structure that takes into account your circumstances, business goals and long-term plans.

Find out how we can take your business forward today.

We do things differently

Why choose Moffatts?

Clients find us and stay with us because they’re looking for a bit more from their accountant. It’s partly about personality – we get on with people and build genuine relationships. But we also deliver results. 

We believe in making life easier for all business owners.

We strive to improve your processes, systems and cashflow.

We offer the full range of accounting, tax and audit services.

Make the move today

If you’re ready to make a change and get the accountancy support your business or charity deserves, we’ve got some good news: it’s dead easy these days. Once you’ve made the call, you can leave most of it to us.

Make the call

We’ll talk, agree fees and services, and then you confirm you want to switch in writing. (Email is fine.)

Set us going

We’ll handle the paperwork and handover with your current accountant, quickly and efficiently.

Get onboard

From day one, you’ll feel the difference. From accounting systems to contacts, we’ll get you set up and sorted.