Now when it comes to striking out and making a business, the thorny question looms, such as to go sole-trader or self employed; to make it a limited liability company early on just in case it takes off and gets up around the £100K turnover too soon. It then becomes a tax liability to retain sole trader ater that figure because of the steep jump in tax obligations. The LLC route benefits with business tax after that figure. If a sole trader, then every part of his personal finances becomes liable should anything go wrong and usually out of enthusiasm for the project and/or goods, too much personal liability is put into the ‘baby’ and it hurts massively when a wronng turn is taken. Keeping on the right side of the law is essential – despite what Jonny down the pub says, there are rules and considerations covering every aspect of our lives, the world of business is no different.
Keeping On the Company Tax Straight & Narrow
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