Sole Trader to Limited Company

There are quite a few factors to take into account in this decision - especially in the early days.

The obvious factor is liability - as a sole trader you carry personal liability for any debts/losses your company runs up - as a limited company you're limited to the value of the share capital.

Running a limited company involves more paperwork for sure.

The tax & expenses side may well work out in your favour with a limited company. As a sole trader your income is all treated as personal income and taxed as such, whereas as a limited company you can retain the profits and pay yourself the minimum tax-free amount plus dividends to minimise your tax bill.

On the other hand, In your first year in business if you have been working in a regular job, then if you start off as a sole trader then your startup losses/expenses can be set off against your tax bills for the previous 3 years - so if you have some sizeable up-front costs it may well be worth starting up as a sold etrader - then switching to a limited company later.

Good luck!

Ian

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