Sole Trading advice

[Leanne Knibb]

Hi

Hope you are all well! I'm in the midst of researching and prepping to set up a theatre company. I've been advised by a friend that when they set up theirs they were advised by an accountant to set it up as a Sole Trader.

I was wondering if anyone had any advice on this? When do you need to register?
Would it affect being able to apply for funding for certain projects?

Looking to put on productions locally but also offer educational shows and workshop service to schools. I wouldn't be taking a wage from it the money will be getting pumped back into productions. And so would be working full time still (on PAYE).

Any advice and help would be greatly appreciated!

 

[Scalloway]

Are you planning to run the theatre company all by yourself? Being a sole trader means that you will pay tax on profit you make, even if all the money goes back into the business.

 

[Mr D]

As a sole trader your income is the profit of the business. You pay personal tax on the profits.

If you want to think in terms of wages that can be left in the business try a different business type. Limited company pays corporation tax on its profits and you do not have to take a wage. Its taxes can be considerably less than self employed taxation.

 

[dwight10]

Hi

Hope you are all well! I'm in the midst of researching and prepping to set up a theatre company. I've been advised by a friend that when they set up theirs they were advised by an accountant to set it up as a Sole Trader.

I was wondering if anyone had any advice on this? When do you need to register?
Would it affect being able to apply for funding for certain projects?

Looking to put on productions locally but also offer educational shows and workshop service to schools. I wouldn't be taking a wage from it the money will be getting pumped back into productions. And so would be working full time still (on PAYE).

Any advice and help would be greatly appreciated!

Hello Knibb, I have do some advice about marketing and also how to make money for small businesses even faster growth, development and expansion.

Since the even more money going into Business Leaders own small businesses bank account, the faster their own businesses can now grow!

With my International Business, I will set it up as sole trader. But upgrade that to a Limited Company later stage.

I advice that you start as sole trader.

But to get some funding, set up as a partnership or limited company is more effective for you to get some business funding money early stage.

Thank you very much for start your own very pleasant "theatre company".

With my own International Business I will work with and partnership with the right "Business Leaders" and owner of very pleasant small businesses.

So their own small businesses can grow, develop, expand to even higher level Success.

Knibb, Love becoming very very very Successful with your own very pleasant businesses once it is fully launched.

Dwight Harrison
Entrepreneur

 

[MarkHenry19]

Hi

Hope you are all well! I'm in the midst of researching and prepping to set up a theatre company. I've been advised by a friend that when they set up theirs they were advised by an accountant to set it up as a Sole Trader.

I was wondering if anyone had any advice on this? When do you need to register?
Would it affect being able to apply for funding for certain projects?

Looking to put on productions locally but also offer educational shows and workshop service to schools. I wouldn't be taking a wage from it the money will be getting pumped back into productions. And so would be working full time still (on PAYE).

Any advice and help would be greatly appreciated!

Yes,
start as a sole trader is a good decision.

Also, if you have money problems for the first time, you can find a partner for your business. It will solve the problem of your money a little bit.

After a few months of running the business, you will find yourself wondering what your business stands for. Then you will set your next step accordingly. It could be a limited company or something else.

I am very hopeful that you can get your business started very well. Always keep your eye on your goas.

That's it!
Mark

 

[Mr D]

Yes,
start as a sole trader is a good decision.

Also, if you have money problems for the first time, you can find a partner for your business. It will solve the problem of your money a little bit.

A partner can also cause problems for your business. A partnership can commit you to additional personal debts you don't agree to. Simply because that's how partnerships works.

 

[MarkHenry19]

A partner can also cause problems for your business. A partnership can commit you to additional personal debts you don't agree to. Simply because that's how partnerships works.

Yes, it's true.

What should be done in that case since it is not possible to move alone?

 

[Mr D]

Yes, it's true.

What should be done in that case since it is not possible to move alone?

Limited company gives more protection. Or an investor rather than a partner.