In the old days, accountants had to operate through partnerships.  So, each year, the partnership profits were divided between the partners according to the partnership agreement and, then, each partner paid income tax on their share. Later, accountants were allowed to incorporate.  If a practice incorporated, it meant that the original partners were partners no more. Instead, they were directors of the new company and would only be taxed on their wages from the company.  Undrawn profits would remain in the new company, taxed at 12.5%.  Eventually, the plan would be to liquidate the company, thus getting the benefit of…

Join The Currency

INTRODUCTORY OFFER: Full annual membership for just €200.

Don’t miss out on what is going on with our daily unique stories from our team of skilled journalists and insightful commentators.

Members of The Currency get full access to over 4,000 exclusive interviews, investigations, and analysis, plus over 460 podcasts.

Annual membership is just €200 for the first year, a saving of €100.

Or try The Currency for the first month for a special introductory rate of €5, a saving of €20.

Cancel at any time.

To become a member today click here.