Sole Trader v Limited Company
Going around in circles trying to decide which option is best for you and your business? Wondering if you could save tax by setting up a Limited Company? This guide is here to help!
Probably one of the most frequently asked questions by someone starting up a business; and yet one of the most difficult questions to find a straight answer to!
This guide includes a useful quiz with all the questions I would ask my own clients when deciding whether a Sole Trader or Limited Company is the right option for them. It also explains the difference in taxes between the two and we've also put in 4 Case Studies explaining which option would suit best in these scenarios, based on their level of income & other factors:
- Enda has a full time PAYE job and wants to start a running coaching business on the side
- Sarah is launching a range of products in the beauty industry
- Dan has a business providing workshops to large corporates
- Lorraine teaches yoga classes on a freelance basis
We've seen people make uninformed decisions on their business structure and unfortunately it ended up costing them more in taxes and fees which could have been avoided had they the right information to hand - hence this guide was born! We hope it helps you choose which is best for your and your business.