Limited?

[mikey0451]

Any advice from switching from a sole trader to a limited company. Do you find keeping records more complicated?, did you find it beneficial to your company?. Did it bring in more work?.What cost we're involved?. Any advice really appreciated. Thank you.

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[Aspect]

Can't say that I know alot about this but my own accountant advised me to remain a sole trader. There are costs involved in setting up as a limited company and no real benefits when you are a small business with a small income. He suggested if you reached a certain level of turnover that it may be worth doing it then, especially from a taxation point of view.
As I said, I'm not an expert so really it should be an accountant you would ask.
Hope this helps.

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[Part Timer]

I have a Limited Company but operate the window cleaning as a Sole Trader. Your Accountants bill will be larger, and you will probably have to use a Chartered Accountant as the rules are harder than for Sole Traders. You can make your Wife a partner and pay her a wage, there are other benefits, mainly tax exemptions, but as Aspect said unless you're making £50k+ a year I wouldn't bother as there is a bit more paperwork involved. 

 

[adamangler]

when i looked at it, based on an 80k turnover with 10k expenses, you would be about 2 grand better off ltd than sole trader, when you factor in accountant fees it would be nearer a grand.

So imo, purely fininacially probably not worth it unless you plan on going into 6 figures, unless of course you want the other advantages of being ltd.

I personally would because i think the other benefits are worth it.

But of course speak to an accountant.

 

[Teaboy]

when i looked at it, based on an 80k turnover with 10k expenses, you would be about 2 grand better off ltd than sole trader, when you factor in accountant fees it would be nearer a grand.
 
So imo, purely fininacially probably not worth it unless you plan on going into 6 figures, unless of course you want the other advantages of being ltd.
 
I personally would because i think the other benefits are worth it.
 
But of course speak to an accountant.

There's far too many variables for it to be this simple

Purely depends on your needs and wants

Mike Ashley ran sports direct for years as sole trader purely because he didn't want his competitors to see how well he was doing .....




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[Teaboy]

when i looked at it, based on an 80k turnover with 10k expenses, you would be about 2 grand better off ltd than sole trader, when you factor in accountant fees it would be nearer a grand.
 
So imo, purely fininacially probably not worth it unless you plan on going into 6 figures, unless of course you want the other advantages of being ltd.
 
I personally would because i think the other benefits are worth it.
 
But of course speak to an accountant.

There's far too many variables for it to be this simple

Purely depends on your needs and wants

Mike Ashley ran sports direct for years as sole trader purely because he didn't want his competitors to see how well he was doing .....




Sent using the Window Cleaning Forums mobile app