evolution-uk started this topic @ 21:38 on 16/06/2003
Hi,
I would like to set up a company that provides computer services and software rentals. One question I have is that I would like to start off as a sole trader, the only problem is that I also have a full time job. Being employed, how would this affect my ability to be a sole trader? Or should I be looking at setting up a limited company?
Thanks in advance
Peter
RE: Sole Trader
leeplaister | 02/07/2003 01:51 PM
I am a qualified accountant and have recently set-up my own practice. If you need to ask any relatively simple questions, send me a mail to lp@oto-uk.com.
Good luck in you future business.
Regards,
Lee Plaister
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OTO Accountancy
07810 578527
www.oto-uk.com
RE: Sole Trader
constantinesavva | 02/07/2003 05:44 PM
Go for a limited company as it is the modern way of trading that combines low risk and maximises tax savings. As a matter of fact, you may not have to pay any tax if you are clever.
As to being both employee and sole trader, there are no restrictions other than the fact that all your income as self employed will be taxable and NIable.
Demetris
http://www.tax-accounting-london.info
constantinesavva@accamail.com
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Kind regards,
James Constantine
Chartered Certified Accountant
http://www.taxadviceuk.com
FREE Weekly Tax Tips for the small business owner, written in understandable language
RE: Sole Trader
gail | 07/07/2003 10:44 AM
Correct me please if I am wrong but, I was under the impression from the IR, that if you are setting up a limited company then the tax break is £10,000 + your personal allowance. This could work out to 14,650.00. However, if you are also working full time as well doesnt this alter?
Gail
