Keeping On the Company Tax Straight & Narrow

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.

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