Sole Trade -v- Limited Company

Discussion in 'Accounts & Finance' started by DFL, Mar 13, 2008.

  1. Scalloway

    Scalloway UKBF Legend Free Member

    15,208 3,219
    A director's liability is limited to their investment in the company, plus any money they owe the company as DLA.

    I would take the rest of the advice with a pinch of salt.
     
    Posted: Jun 7, 2019 By: Scalloway Member since: Jun 6, 2010
  2. Victoria_V

    Victoria_V UKBF Regular Full Member

    135 17
    Appreciate the info! Could you possibly elaborate on that? You seem to have extensive knowledge on the subject so I'm curious to hear your feedback. Thank you.
     
    Posted: Jun 8, 2019 By: Victoria_V Member since: May 29, 2019
  3. Scalloway

    Scalloway UKBF Legend Free Member

    15,208 3,219
    Most of your comments on the advantages of using a limited company should have the words "Your accountant will be able to advise you further based on your particular circumstances."
     
    Posted: Jun 8, 2019 By: Scalloway Member since: Jun 6, 2010
  4. Victoria_V

    Victoria_V UKBF Regular Full Member

    135 17
    Agree, having a personal accountant who will help you navigate all these nuances definitely has its advantages. This is more of a general overview of pros and cons, not an in-depth analysis, just so people who don't have access to personal accounting services can try and figure it out on their own.
     
    Posted: Jun 8, 2019 By: Victoria_V Member since: May 29, 2019
  5. Chart Accountancy

    Chart Accountancy UKBF Regular Full Member

    181 22
    Incorporating a company and the accounting duties are indeed worth discussing with an accountant prior setting up. We do see clients who incorporate their companies without receiving professional advice, and often mistakes have been made at the early stages leading to missed tax savings opportunities. As mentioned above, it is best to speak to a professional. You can also find lots of accountants can give you an initial free advice over the phone.
     
    Posted: Jun 21, 2019 By: Chart Accountancy Member since: Apr 18, 2017
  6. Victoria_V

    Victoria_V UKBF Regular Full Member

    135 17
    Could not agree more! We've even launched an accounting expert service to at least point those who are just starting in the right direction. And made it available for free on our website.
     
    Posted: Jun 21, 2019 By: Victoria_V Member since: May 29, 2019
  7. Victoria_V

    Victoria_V UKBF Regular Full Member

    135 17
  8. Carlene Cromedy

    Carlene Cromedy UKBF Newcomer Free Member

    5 0
    Great for sharing your thoughts, I agree with you!
     
    Posted: Jun 21, 2019 By: Carlene Cromedy Member since: May 3, 2019
  9. TheoNe

    TheoNe UKBF Regular Full Member

    135 14
    I agree with other contributors here. You should seek out professional advice before making this decision. For me a limited company makes more sense.

    I hope this helps.
     
    Posted: Jul 10, 2019 By: TheoNe Member since: Jul 6, 2019