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Should I become a limited company

  • Member PM.Dip
  • Practice Licence
  • 31 posts
  • # 114965

Hi

I have been operating as a sole trader in practice for 18 months full time and I am doing OK.

I have recently thought about going to a limited company but I am not sure. The benefits are limited liability as I have a  client who is always looking to sue someone! Then I have another client who wants me to sign a contract which makes me liable for all sorts of things.

On the downside is that I would have to have my accounts signed off by an Accountant, which is more cost.

Any body out there in a similar situation?

I would be grateful to hear your thoughts.

 

Kind Regards

Gail

 

  • Member
  • Practice Licence
  • 39 posts
  • # 114966

Gee Whizz Gail,

 

I've been a Ltd co for twelve years. No regrets. You might want to check with our masters, but anyone can sign accounts up to 6.5million (might have changed i.e gone up, since I last looked) and as they would be your own not ones you are charging for!!

Although it can grease the wheels of course if you rely on work from a local accountant. 

One potentila downside is that anyone will be able to look at your balance sheet on Comp House and get various details that you might not be disclosing currently. I would say that is a bigger deterrent than who signs them.

I'm ignoring all the tax waffle that might follow about which is best for pay as a director/self employed as unless you are earning in the higher bracket its all pretty much the "tax tail wagging the tax dog" sort of stuff.

Toodle pip.

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