Self employed or LTD Company?

cally1704

Hi Guys,

I'm completely new here, and this is my first post. I would be extremely greatful for any help or advise you could give...

To cut a very long story short, I declared bankruptcy in April 2010 and was automatically discharged April 2011. I have recently started my own small business and I tried to open a business account with Barkleys but was refused. I was then also refused by the HSBC and Natwest. I suppose my question is, am I any more likely to be offered a business account if I register the business as a ltd company rather then trying to open a business account as a self employed person?

I hope I'm making sense, I'm sorry if I'm not. Its been an incredibly rough time :-(

Thanks in advance
Cally x

IF

Hi Cally and welcome to the BR board. Have you cleaned up your credit files yet?

Thread by Fermi :-

Credit Reference File Clean Up Post Bankruptcy Sticky - Click here

arcon5

You could open an account with cashplus, they open them for individuals and ltd.

As for whether you should operate as a sole trader or ltd depends on many things... Expected profit? Type of business? Types of contracts you expect to tie to? Etc etc. For example as a tradesmen on a modest wage self-employed may work better; as a garage taking on a commercial lease and staff ltd company would be better for risk management reasons. Although personally I'd op for ltd anyway for the sake of £50pm accounting fee ( which often you will save on NI payments anyway by taking a wage + dividends)