I need some advice. I was a sole trader and have now changed to a LTD company. I completed my tax return in January 2016 showing a net profit of £7,500. I did not have any assets in the company. As the net profit from the sole trader was below the £10,600, i did not have to pay any tax.
Advice, should i withdraw the profit and keep this or transfer the profit to the LTD company i.e sale the sole trader to the LTD company. I am not not sure if I should show a goodwill as I have no assets in the company or just keep the profit and withdraw form the business acocunt as profits from 2014-15 financial year keep trading as a new Ltd company.