Registering a new company or a partnership
Discussion
My two sons and I are thinking of setting up a company to service the hire of our race car and the occasional personal race in it.
As 40% tax payers is it best to set up as a LTD company so the rental income goes through that (not going to be mega bucks) or is it best to set it up as a partnership?
Just worried that as a partnership the HMRC will want to take 40% as all income is treated as personal, or am I being simplistic? Of course there will be costs involved with the hire, so not all profit anyway.
As 40% tax payers is it best to set up as a LTD company so the rental income goes through that (not going to be mega bucks) or is it best to set it up as a partnership?
Just worried that as a partnership the HMRC will want to take 40% as all income is treated as personal, or am I being simplistic? Of course there will be costs involved with the hire, so not all profit anyway.
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