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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3825
Experience:  FCCA FCMA CGMA ACIS
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We are selling our current business and are lucky enough to

Customer Question

We are selling our current business and are lucky enough to own a small estate (40 acres) and plan to convert a barn into holiday lets and an office. We have various plans/options for other small income streams including livery, smallholding produce, etc... We also let some of the land via a grazing licence and will have a new management consultancy business. Earnings should break the current vat threshold.
Our accountant has advised setting up a Ltd Co to incorporate all of the above and registering for vat. Is this the right course of action?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Well, I am both a Chartered Certified Accountant and a Chartered Secretary. I concur with your accountant's advice. It is exactly what I would have suggested had I been consulted.

There are many safeguards, not the least putting what is called the veil of incorporation between the company and you personally. It makes you one step removed should something unexpected and disastrous happen.

Setting up a company is dead easy, there are on line organisations who will do it for you at the click of a mouse and relatively economically into the bargain.
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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

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