Going self employed. Sole trader or limited company?

carolineneal

Hi

Just looking for a bit of advice from both sides, sole trader or limited company.

For all those individuals out there that practice alone, are you trading as a sole trader or as a limited company?

What are peoples opinions on the best route....

I haven't set up on my own yet, its very much a thought bubble at the moment. I would be interested in hearing other peoples experiences and opinions on the best route to take.

Thank you to anyone willing to share their experiences.

burg

Depends what fits your circumstances. Treat it as you would if advising a client. Look at the individual circumstances involved and see what fits.

We are a Ltd Co btw.

rwb

Agree with Burg. What would you advise a client I your position?

Also a Ltd Co...

amir

Hi
i have been in practice for nearly two years and still sole trader. i found it easy because turnover is low and less time is required to do my own accounts. i get full benefit of personal allowances (which are not available to a limited company). offcourse i could pay myself wages under paye to reduce company profit but that is just extra work. as a sole trader you would pay NIC which a Company is not required to pay. I would say stay sole trader as long as your turnover is below £20,000. Hope this helps.