By Colin Davison

Interested in a completely legal and straightforward way to save yourself tax in the long run? Ever thought of yourself as a company director? Setting up a limited company has a number of long-term benefits - the main one being less tax to pay!

Corporation tax is charged at 19% and there is no national insurance to pay on the company's profits unlike when you purchase assets in your own name.

Running expenses can be offset against tax and taper relief, where tax is reduced over time, can be used to great benefit.

Also Inheritance Tax can be avoided by converting assets into shares to be passed on to children in small chunks each year.