Sole Trader or Limited Company

C

Carol29

Guest
Hi I've been lurking around this site for a while and have just joined. I work from home designing and handcrafting jewellery. I am married but have no job outside the home. I have launched a website selling my jewellery and at the moment having put money into the business I have yet to make a profit.

Should I register as a sole trader or a limited company? I am getting conflicting advice from other and thought that someone here might be able to help?

Cheers

Carol
 
Sole trader is a lot less hassle and you can always change to a limited company later.
Here's an english article, but gives the gist of the difference
[broken link removed]
 
Thanks for that. I've just read that article and it is useful. Still have to make a decision but I think your right going down the route of Sole Trader seems the way to go.

Cheers
 
Yeah if you are not employing others or handling massive orders you're probably best to start as a sole trader. If business takes off hugely then you can reconsider!
 
Depends on what your profits and drawings are. If your taking out all your profit then a sole trade makes sense, if your drawings are a fraction of your profit then a Ltd Co. may be better fot you.
Just remember Individuals are taxed at 20% and 41% while Ltd Co.'s at 12.5%.
 
You must log in or register to reply here.
Back
Top