limited company

[brinkley]

has any one done or ever thought about making their tiling business a limited company . Also by making your company limited what are the pros and cons ?

 

[DHTiling]

I haven't no.. but you will have more paper work to do etc..

 

[brinkley]

if i set my company up as limited i would have to pay corporate tax etc but i think theres possibilities of being given a grant not sure though

 

[Sean Page]

Most people go limited if they need to raise finance. There is more paperwork involved and you'll probably need an accountant to file monthly returns and year end returns to companies house.

I think being Ltd is more attractive to larger contracts though.

I don't think there are quite so many tax benefits in being Ltd anymore although an accountant would be able to help explain these in detail.

 

[DHTiling]

I would PM Grumpygrouter.. he is the accountant..he will know better.

 

[grumpygrouter]

I operate my tiling business as a limited company but out of necesstiy for VAT reasons. Otherwise I would operate as a sole trader. The advantages of becoming limited for you are probably not significant and there is more administration needed to comply with the law.

My advice, in summary is, unless your really have overiding reasons to be a limited entity, stay as a sole trader!!

 

[Perry]

I when Limited after 25 years 2 years ago i think you need to net quite a bit to make it worth while which you wont working on on your own ete

 

[Spud]

Totally agree with Grumpy grouter most go ltd out of nesscessity not choice

 

[mikethetile]

I looked into this and opted to stay sole trader

 

[brinkley]

good talking point though

 

[Aston]

i operate as a sole trader but i have aston tiling ltd set up with companies house incase i want to go that route..not much of an inconvenience..just a quick on line yearly return £15 and dormant yearly accounts info (free) ..


ed

 

[Perry]

A point being LTD is if you fall ill like i did 9 months ago and haven't been able to work i found out that my company had to pay me statutory sick pay but if you ain't working you wont be earning it to pay yourself so stay self employed if you can