Process
Transferring activity from an independent business to a company requires tax planning. A transfer can be made with an exemption according to section 104 of the ordinance.
Considerations
- Corporate tax 23% versus individual rates (up to 50%)
- Additional tax on dividend (25%-30%)
- National insurance liability is different
- Profit retention advantage in the company
Important Note: The information on this website is for general informational purposes only and does not constitute professional tax advice. Consult a qualified tax advisor before making financial decisions.