Sole Trader or Ltd Company????

MoneyMachine_2

I am currently setting up a small business which I eventually hope to expand.
At what point will it become advantageous to form a Ltd company if I expand as planned???

I'm thinking mainly of tax advantages. So far as I know, if I made profits of 30k I would net about £22500 after tax and NI. What would the difference be if it was a Ltd Co and I was sole shareholder

Is there a point when this would be more tax efficient??

Thanks for any help!

MM

Finishrich

Probably when you get into the 40% tax bracket.

This is my understanding but I stand to be corrected:
As a sole trader you are taxed on the full business profits.
As a Ltd company you are taxed as an individual on your salary and the business is tax on it's profits currently 19% I think.

But no doubt there'll be other issue to consider too.