[Service_Champion]

Just setting up new business, what entity do people recommend - Sole trader or Limited company?

Regards.

[steve_tyler]

have a word with a good accountant,there lots of for`s and against`s for both.....

[steve_tyler]

by the way service what business are you starting up....

[Service_Champion]

I am starting up a window cleaning business and maybe look at doing pressure washing.

[Mike_Boxall]

I'd stick with sole trader for now if I was you. Theres a lot more admin and expense with ltd companies and the benefits dont outway them until you get to a certain size. Its a lot easier to go from sole trader to ltd rather than the other way round - whatever you do, like Steve says, get a good accountant!
Regards
Mike Boxall

[The_Fed_Man]

You may save tax being a limited company as you would then be an employee but you would then have to insure yourself as an employee, so it would probably outweigh any benefits as employer liability insurance is now very expensive and in some cases hard to get cover.

[Geoff]

You may save tax being a limited company as you would then be an employee but you would then have to insure yourself as an employee, so it would probably outweigh any benefits as employer liability insurance is now very expensive and in some cases hard to get cover.

I don't think I agree with you fed man.  Have you seen what Griffin says on this?  It suggests that there may be a tax advantage in putting into an ISA for next year.  Other than that, sole trader leaves you open to interpretation of the new law on responsible ladder ownership.

[PoleKing]

Geoff-a post from 11 years you've resurrected?!
Are you bored? Again

[Geoff]

It's still relevant.

[Clever Forum Name]

No wonder this site is so slow 

[Geoff]

No wonder this site is so slow 

This is why it's so slow:

http://www.simplemachines.org/

What did you expect from something that's free?

 

[dannymack]

Stay as sole trader until your business grows and your turning over good money !!!!
I started off as a sole trader am now Ltd which is good my tax bill is much cheaper but accountant fee went up slightly lol !!!!

I preferred sole trader as I could spend what I wanted from my account, now I get a weekly wage and have to account for using money from the account as it belongs to the company. You can take dividends as much as you like of which you pay 10% on the total once a year.

We are Vat registered as well so more involved.  👍

[dave0123]

What did you expect from something that's free?

It may be free to us! but there getting a lot of money from paid advertisers on this forum!

[Geoff]

It's free to the site owner, so has minimal technical input, hence the slow server.  It's been 'slow' for ten years, this is nothing new.