Business start up – Start up accountants slough
Start up Accountants Slough bring you the best possible solutions for your company.
Business start-ups
A common question new Business start-ups often ask our Slough accountants is, “Should I start as a sole trader or limited company?” Well, that’s a very valid question, to begin with – one that requires careful consideration. The setup process, for example, is relatively straightforward when discussing sole trader ship. You’ll have minimal paperwork to deal with in any accounting period. There will be greater privacy as your personal business information will not be listed and available freely on Companies House. On the downside, sole traders are liable for all debts accrued, so if things go wrong and you cannot repay debts, you may have to give up or even sell your assets to settle the debts.
Startups accountants slough
Starting a limited company offers a legal distinction between you and the company managers or decision makers – as such, personal assets do not hang in the balance if things go south. With that said, successfully running a limited company requires much more responsibility, like preparing all kinds of paperwork each year on a timely basis, which can be both costly and time-consuming. With a limited company, you also have the flexibility of taking money out of the company account to meet your personal tax needs in the form of dividends, as a salary, or even both in certain instances. However, you must also pay Corporation Tax on your profits. With self-employment, you only have to pay income tax on the collective earnings of the business.
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