Sole Trader or LTD - TilersForums.com

[Daveshadowman]

As I have started to do more work from large firms some of which are high value but also carry high penity clauses do i stay as a sole trader or go ltd ?

 

[Daveshadowman]

i do not want to post incomes on here but as a rough guide form last tax form (jan 12) already into 5 figures

 

[Spud]

how many employees have you got? do you have premises? what is your business plan and forecast for the next few years ? how old are you and do you own your own home ? There are so many questions which you have to consider when whether you go ltd or not ,I did it with a partner 3 years ago and it was a mistake imo and I ended up much much worse off and I am now back as a sole trader but it may be right for you,either way good luck

 

[Drastik Lee]

Stay sole trader imo, LTD is just a name sake

 

[White Room]

I went thru this with my accountant at one time and decided it was'nt for me but might worth having a chat with yours.

Your accounts do become public and the accountant charges a lot more for his sevices.

 

[The Legend; Phil Hobson RIP]

I was Ltd in the 80s/90s but found the paper work to much hassle, as Garry says it depends on your circumstances. I am happier now as a sole trader.

 

[Rizzle from the Portizzle]

ok first you have to now the differnce sole trader this means that big firm goes bust you are liable this means if the dont pay you you could loose every think even you family .ltd this means the company is liable not you you can start again as long as you have not given personal garrentes.dont be fuled by big companys .they never pay on time if they do it wont be the full amount .most big companys use sub contrator to finance all there jobs.yes i woke up .there is no big company in the uk wicth is more than three mouths away from going bust in this fincall climate .i used to employ 20 fixers plus mates with a turn over 1million pounds ayear .i earnd more proffit on my own .if these companys are so big ask your self what happend to there old tilers .for the next two years only work companys you now and trust this ression is not over yet .

 

[Daveshadowman]

I went thru this with my accountant at one time and decided it was'nt for me but might worth having a chat with yours.

Your accounts do become public and the accountant charges a lot more for his sevices.

for this reason i could not go lid my accounts going public would be a liecence for my ex wife to print money

thanks for the advice everyone

 

[Floor-Form]

As mentioned above I would HIGHLY recommend speaking to your accountant about this as this decision is something that requires specialist knowledge of your business, it's plans for the future and your personal desire.

 

[Ajax123]

Id say if you subby fr contract work then best go limited cos your cash flow is governed by thei accounts dept but if you just doing domestic stay sole trader. Ltd gives you some personal financial protection but also creates lots of paperwork.