By Ben Lobel on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
1. Should I be self employed or a sole trader?
Whether you register as a sole trader or as a limited company is a key decision when starting a business. If the decision is to start as a sole trader, it is prudent to review the situation after the business has become established. Basically, a limited company provides opportunities for saving tax but it involves a higher level of bureaucracy which you must either undertake yourself or pay others to do so on your behalf. Limited liability might also be advisable if the business venture is particularly high risk.
Forming a limited company has a number of implications, particularly in terms of taxation of profits. There are a small number of ways you can take money out of a limited company – dividends out of profits, a salary which is subject to Pay As You Earn (PAYE) and National Insurance Contributions (NIC) or by repaying a directors loan account which is in credit. A sole trader on the other hand can take money out of the business as frequently as they like, provided it does not

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The path to success is never straight. Some of the bends will be expected and a joy to navigate, while others will come out of nowhere. Business owners take the driving seat in the knowledge that they’re likely to see both situations, and regularly. They may even have taken the wheel partially because they wanted
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