Sole Trader Vs Limited Company
As a self-employed individual, I question which you make ask yourself is should I stay as a sole trader, or form my own Limited Company? There are advantages of both, but also some drawbacks to be aware of. Remember every situation is different – some people may choose to go Limited for the added weight it puts behind their company name, some people may choose not to incorporate as they don’t earn enough to take advantage of the added tax efficiency.
Advantages of going limited or staying as a sole trader
Advantages of going Limited:
• Limited Liability
• Added Employability
• The potential for greater profitability
• Better Exit Strategy
Advantages of staying as a sole trader:
• No IR35 worries
• Less paperwork
• Simpler accounts
How can Birchtree Sullivan help?
At Birchtree Sullivan, our accountants have the required knowledge and experience to help you make the right decision. We can make the change as smooth as possible.