How to change from a sole trader into a limited company is this week’s topic. Are you thinking about changing from a sole trader to a limited company? There are many reasons why this might be the case. Tax issues and wanting more protection for your business are the main reasons for becoming a limited company.
So for some people, setting up as a limited company may be too much hassle and they prefer to stay as a sole trader. Most importantly, if you do decide on making the change though, there are some things that need doing before applying for incorporation
Sole trader versus limited company taxation
To clarify, these different business firms come with different tax implications. It’s important to know what those differences are. Let our FREE online calculator help you decide which is best for you!
Use this calculator to see how much tax would be paid as either a sole trader or as a limited company. It shows you how much take-home pay there would be in each scenario.
In this video, I have outlined how to change from a sole trader business into a limited company. How to notify HMRC when you stop being a sole trader. Furthermore, your mindset, your attitude to running your new limited company plays a key role.
A sole trader is a common business structure for millions of businesses. Many choose to change into a limited company. It can seem overwhelming, but it doesn’t have to be that way! In this vlog I’ve broken this down to make it accessible.
For more advice and tips on how we can help with all aspects of setting up and maintaining an effective Limited Company Structure including compliance issues such as accounting, and tax appointments please get in touch with us to help make your life easier and stress free.
Furthermore, you can improve your financial understanding and well-being. Plus make more profit, save tax and time, and your money mindset. How wonderful is that?
Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.
This book is based on my 27 + years in business, helping thousands of businesses survive and prosper.
- Firstly it is an easy, humorous but serious read about running a business
- Secondly, it looks at having a financially rewarding relationship with your numbers
- Finally, my book helps with that battle between the ears, that all business owners experience.