Going Limited; Pro's, Con's And Discussion.

Ok, I just would like to know people's thoughts on the subject, I know of the main advantages and disadvantages.

But I am 60% towards going limited this year, but am just a bit nervous doing it as feel as though it puts me on a different plain of responsibility.

What do others who have been both limited and "unlimited" think?

I am doing it for the fact my company name will be secure, and it will help me tax wise, as well as the fact it helps keep accounts seperate and would probably motivate me to keep more on top of my accounts regularly (my accounts are sound but I feel I only manage them once a year when doing tax return, rather than watching them and learning from them, if you get me)

Plus it would also look cool, that's a small factor though lol.

Why not just do your books more often, habits form quickly.

You can secure company names without being a limited company.

You can always run a Ltd Co as well at same time as being sole trader, just put a 0 tax return in.

It's up to you depending on size/turnover of your business and being vat registered plays a part too rather than just wanting to look good.

A Ltd company doesn't need to be VAT registered does it?

I've looked at the benefits for a few days now and have been recommended to go Ltd by other cleaning companies.

I've booked an appointment with my accountant anyway to discuss what he thinks as he has the knowledge and he knows my accounts and situation.

Op, I hope Gav dosent mind, but you can have a ton of access with regards to questions about Ltd companies, theres a ton of accountants on there that will give advice for free, Its in no disrespect to this site at all, but your worries will be answered. Free advice, http://www.ukbusinessforums.co.uk/forums/ Its a really good forum, for legal, employment rights, HR problems, hope thats ok Gav? Think it could benefit anybody really, they have retired solicitor I got free advice from a guy who was retired for nothing, its quite a good resource.

Thanks a lot Catherine, I'm sure Gav wouldn't mind as I'll only bring back my information here anyway, and it in no way competes with this forum.

Awesomeness.

Thats alright mate, you just have people that really specialise in accounts, HR, Legal, employment disputes, all sorts - its their jobs, so before asking your accountant you may get a bit of advice from people that will give it for free, good luck x

Let us know Masons if you post anything - would be interested to see what response you get.. they are really very good on there Alot is down to they specialise in their field, so we have accountants, solicitors, work disputes, all the legal bobs - and all of them are very good to give their time for free

Did you find out Masons, what you needed to know?

I've been reading the forums and learnt a lot but have a few smaller questions I'm going to sign up and ask about.

Are you on the forums, I'll say you referred me. PM if you want.

Yea sure, been a member on there for ages

Are you 'Catherine' on their too then?

kate1

You're the fastest replier.... lol

Ha ha,

I'm learning a lot, but will post certain findings when I have my specifics lol

Thats good Masons, like I said I got a load of legal advice which I reckon would have cost me a couple of 100 if I had to pay for it, even had a half hour phone call from him!!

I have been both Limited and sole trader, I am currently both again.

I personally would only take a business Ltd if it had large assets, or the turnover was quite high (in excess of 100k) I certainly wouldn't take a window cleaning business that wasn't vat registered over to Ltd, has your accountant told you your accounts bill will jump from £150 to £1500 or did he forget to mention that?

You are not allowed to run 2 like minded businesses one that is registered for Vat and one that isn't