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BLOGS

Should I set up as a ​Limited Company or Sole Trader?

7/5/2020

 
J R Accounting Services Dartford Kent
There are advantages and disadvantages with starting a business either as a limited company or a sole trader.
 
Operating as a sole trader gives the advantage of requiring little in terms of administration. You must register as being self-employed with the Inland Revenue within the first three months of trading and you will pay Self Assessment Tax as well as national insurance.

As a sole trader you are personally responsible for any monies owed to government or creditors and hence your personal assets including your home can be at risk.

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