Self-employed or Limited Company?

MrYorke

Who can i speak to, for free, to get advice about starting up as self-employed or as limited company.

I am in the South Wales area if it makes any difference

Cheers, MrYorke :-)

Savvy_Sue

Businesslink may be able to give you general advice, possibly your Chamber of Commerce if it's the right line of work, maybe the Federation of Small Businesses, but if you want detailed or specific advice for an unusual situation then be prepared to pay. An accountant may give you some advice as part of an initial consultation, and in certain situations they are invaluable and will save you money.

Treading_Water

Also, many accountants will offer you a free initial consultation, where you would get useful advise.
They tend to feel that it better to give out good advise from the start, than to have to sort out the mess later. You should also try 2 or 3 accountants if time permits, as they may all have slightly different opinions.

slipp_digby

you will get the best advice on the pros and cons of self employed vs ltd company if you can give an accountant some outline figures to work with.

suggest that you read the guidance on putting together a business plan before you visit an accountant. business link has some excellent advice.

my reasoning for doing this, is there can be benefits to both scenarios which can be very dependant upon the type and scale of business you are proposing.

an accountant is more likely to be able to advise on the specifics of you case.

the none monetary aspects of self vs ltd are fully explained by business link guidance

gogledd1

In Wales you should contact Welsh Assembly Government's Flexible Support for Business service on 03000 6 03000 and tell them you want Start Up support. Or visit their website at business-support-wales.

You will be entitled to at least 4.5 hours of 1:1 support plus a series of free workshops from your local provider (more if you can demonstarte rapid growth is likely)

MrYorke

thanks for all the replies.

I am actually working full-time right now and would be working on my own business part-time until would bet busy enough for me to increase my hours in my own business and then finish where I am now.

I am intending on speaking with the WDA as they seem to be keen to help me out but think, like people say, to head to an accountant and get advice from them first.

I am not looking to earn a great deal in the short-term, and, to be honest, i dont think i will be earning a great deal when I go full-time....maybe (or should i say hopefully) around £25-30k a year

Thanks again for all the advice so far

PlutoinCapricorn

If you are employed full time, then doing the extra work as a sole trader is usually the best and simplest option. You can build up the business and see how it goes. You get the best of both worlds! If you wanted to employ people, or prevent your assets being taken in case of debt, a company with limited liability would be better.

MrYorke

A few people have told me the same thing but I just want to chat with someone to give me the reasons why really and to get my head around it all!

Working part-time in the evenings and weekends is fine for me as i'm used to it from previous working life and i fully understand that it will take a while for the business to get going

again, thanks for the help. i'm sure i'll be posting more questions over the months

slipp_digby

forgot to say, nothing to stop you incorporating once you are up and running if there are benefits.

could start off as ST and convert to ltd, if you want to expand it or if it gives you tax benefits. i know a consultant friend who did just this.

malcolmcoles

You can see a list of pros and cons here: http://www.settingupyourbusiness.co.uk/company-partnership-sole-trader/