As you are the boss, you make the decisions…perhaps with a little help from your accountant!
Business Tax is Simpler
All your business profits are subject to income tax which is paid annually in two instalments; by the 31st January and 31st July each year.
As your business grows it is relatively easy to change from a Sole Trader to a Limited Company.
Private Business Activities
Your business activities are private. Unlike a Limited Company, your Sole Trader accounts are not published on public record and are strictly private. Only you, your accountants and HMRC formally see your accounts.
The Main Disadvantages
No Limited Liability
You do not have limited liability which a Limited Company does. To mitigate this, a Sole Trader should take out insurance cover for Health & Safety, professional indemnity etc.
Not a Director
You do not have the kudos of owning a Limited Company and being a company director.
Customers may prefer to deal with a Limited Company.
We will always discuss with you the various options, advantages and disadvantages. Our objective is to be a part of your team. We will assist when required, offer advice when we see a need and provide friendly support.