Dear Roger reply Self Employment Basics

Dear Roger

I’m thinking of starting up my own business buying and selling on a market stall but I’m not sure of the following and would appreciate your help:

What’s the best? Self employed or registering a limited company?

Thanks

Self employment basics

Dear Self employment basics

Thanks for the question. You’d be surprised how many times I’m asked queries about setting up in business!

1) If this is your only source of income then normally self employed is best, though if you already have another income then Ltd may be best.

However, there are other factors in the decision such as set up costs and anticipated income levels which could tip the balance either way.  If you’re still unsure, then it is best to talk to an accountant first to help you make the right decision.

2) You have to register within 3 months of starting to trade whichever form of trade you choose.

3) The vat threshold is £77,000 and again there are pros and cons to deciding whether to register early or wait till you have to register.

In all of the above situations, it is best to seek the advice of an accountant. It could save you thousands of pounds in the long run!

Hope this helps and good luck in the new business!

Thanks

Roger!