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We incorporated this April- best decision we made (for us)
Admin increased but with myself (Susan) dedicated to the admin, this wasn't a hard move.
Took liability away from all our personal assets. Bank took us more seriously and helped us considerably more.
I agree with Rowly- definitely take advice first- we took advice from a business advisor, colleagues and accountant.
we are also going too take the plunge ,thanks for the link Garry
As many companies on this forum are probably operating on a season basis it also makes sense to restructure your tax year end to correspond with your slackest period. Just a thought.
It depends....Do you want to turn your business into a company and make [more] money?
Or do you take the easy, self employment option?
It took me 11 years to become Ltd and I wish I had been running a Ltd Co since day one!
For me Ltd limits my liability with customers, reduces my tax bill (significantly) and helps with my credibility with commercial clients...
It might not work out for everyone though, I would seek the advice of your accountant first.
There are a few set up costs from what I remember, your accountant costs will rise, you have to have a company bank account,(hardly any free business bank accounts!) you pay corp tax 9 months after year end (so have to remember not to spend the money!) I think I was told by myaccountant that it was ot worth doing unless you have sole trader profits of more than £30K and you become a director of a company so must act like one.
More onerous accounting (although if you fully reconcile your accounts to start with then you are probably already there)
Higher accountants bills
Your companies accounts can be purchased for a small fee from Companies House
For me however these disadvantages are outweighed by the advantages.
Very little additional paperwork involved if your Accountant is any good. You have deadlines anyway as a Sole Trader, so minimal difference there.
Discuss fixed fees with your Firm in advance and you then do not receive any 'surprises'.
Knowing what to claim and how to claim is part of the role of a good Accountant. They take the strain and know a lot of tricks ;-) I simply pick up the phone and ask ! No point in having a dog and barking yourself. My time is better spent on the business, not worrying about what I can or can't claim. Try it, you may find it invigorating :-)
As an aside I spent useful time with our Accountant on Friday afternoon, signing off, looking at figures, where costs are going, spotting trends, being guided over a few areas. Thoroughly worthwhile couple of hours. I'm lucky to have been with the same Accountant since startup and have followed him to new firm. I run all purchase decisions through him.
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