Sole trader vs LTD company

Members online

Status
Not open for further replies.
If your ltd anyone can contact companies house and access your turnover and profit earnings. you will work for the company and will take a set wage and to get more money out of it you need to pay yourself dividends. its alot more complicated so im led to believe
 
If your ltd anyone can contact companies house and access your turnover and profit earnings. you will work for the company and will take a set wage and to get more money out of it you need to pay yourself dividends. its alot more complicated so im led to believe

it is, but if your earning a lot as a sole trader its benefical to go ltd for tax purposes.
 
Sorry I've not replied, been a bit busy.
Basically I want to save Money on tax.
I don't mind the extra paper work. I can get the missus to do a bit.
But my problem is, I work for a couple of hours Monday to Friday nights driving a forklift. Gives me an extra £700/month. I don't plan to do it longterm. But were saving a deposit for a house and 99.999999% or whatever it is is a killer lol.
So I don't think the pay a minimum wage and take dividends thing would work for me.
Do you lads think I'd be better staying as a sole trader or going LTD?
 
I run as a ltd company and the dividend thing is a paperwork only thing for me. I just treat the money like a personal bank account. been this way for 8 yrs or so with no problems.I'm sole director.
 
remember in aa ltd co, you pay tax on your wages you pay yourself and tax on the profit the company makes so you constantly need to keep an eye on you figures soa s to act accoerdingly regards what you take and wht you turnover etc.

I have to be Ltd but if I dint i would come out of it tomorrow It was peasy being a sole trader
 
Status
Not open for further replies.
Top