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Here are some of our most frequently asked questions.
| Q. |
Can I introduce my Motor Vehicle as an asset of the business? |
| A. |
The introduction of a Motor Vehicle allows you to claim back the running costs. A Capital Allowance of 25% is also deducted from net profits although this is subject to a maximum of £3,000 in any year. |
| Q. |
How much can I take out in Drawings? |
| A. |
We would advise that during the early days of your business, that no more than 75% of the profit is taken in drawings, ensuring that the business is not drained of its’ funds. |
| Q. |
Should I be trading as a Sole Trader/Partnership or a Limited Company? |
| A. |
There are advantages and disadvantages to both. For more detailed advice please contact our offices on (01978) 358535. |
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