Posted by Pierced_Knight on Fri 13 Feb 09, 9:05 PM to Pierced_Knight's blog.
Is anyone here clued up on the differences/benefits/cons when becoming self employed, between becoming a 'sole trader' or a 'single member limited company'?
Any thoughts, info or advice at all would be very much appreciated. At the moment, I'm just researching and seeking advice.
Cheers in advance.
PK.
| 13 Feb 09, 9:33 PM Pierced_Knight 5 yrs |
Funny you should mention them...I'm currently wading through their masses of information as we speak! "I'm just a bloody normal bloke. A normal bloke who likes a bit of torture" Mark 'Chopper' Read | |
| 13 Feb 09, 10:11 PM cosmick UK, 6 yrs  |
Isn't the case if your a LTD company and things go really bad its the company that's liable. Where as if your just self employed its your personal debt. Remember a HGV driver talking about this was self employed working for agencies and heard about someone being made liable for a faulty refrigerated trailer which wrecked a whole load of goods which came to quite a lot of money. Don't know much about it was just warned of this when going self employed. Edited 13 Feb 09, 10:12 PM by cosmick | |
| 13 Feb 09, 10:33 PM Skyhook 7 yrs |
Start with the Inland Revenue. Setting up a Limited Company involves registering with Companies House and a lot more paperwork than being a sole trader HMRC's Starting Up In Business Guide (pdf) This site has lots of useful information as well. Good luck with it fella! Edited to sort out urls.
"Me? I'm all about the hugs. Edited 13 Feb 09, 10:41 PM by Skyhook | |
| 14 Feb 09, 1:22 AM DougDoug UK(L), 9 yrs  |
try this as a link http://www.businesslink.gov.uk/bdotg/action/laye... Also has another link to give ref SPONS book of estimates and quotes. will need to post that link tommorro when I find it. If you love something, set it free. If it comes back to you, it is yours. If it does not, it was never meant to be. | |
| 14 Feb 09, 1:31 AM purple_kitten UK(TN), 6 yrs |
It depends what sort of area you are going to aim to work in. There is a contractoruk forum that has a fair amount of advice, aimed at IT contracting mainly, but it does have some useful info on setting up companies. There is also http://www.pcg.org.uk/cms/index.php, which has a wealth of information. We run a limited company, as the contracts I work in will only accept limited companies, for credibility more than anything I guess. The paperwork isn't to bad.. | |
| 14 Feb 09, 9:59 AM jamspid UK(BR), 6 yrs |
Advice ---get a good accountant | |
| 14 Feb 09, 1:40 PM Scribbles UK(RH), 4 yrs |
You used to be able to buy a company, sort of supermarket style, which made the setting-up process a lot more simple. If you use an accountant you'd have to factor in the costs of their advice to your business plan. Whether you do or not, get really retentive about all your bits of paperwork, and online stuff - and keep up to date with the filing. Blindingly obvious I know. | |
| 17 Feb 09, 8:34 PM morgan_MP UK, 8 yrs |
Call Master  Meus dominus fidelis mancipium, semper | |
| 18 Feb 09, 12:39 AM Wolfs_Angel UK(CF), 7 yrs |
You took the words from my mouth. We have a great one contact Wolfie (Werewolf) for details. I go to The Merthyr Midweek Munch |
