Limited company or sole trader

[Guest77]

You really think so??

I know of two blokes who thought that.

I am suprised you can understand the Post fella, I am confused by it lol

 

[Geordie Spark]

I am suprised you can understand the Post fella, I am confused by it lol

I'm a Geordie.

We know everything.

 

[lnrelectrical]

I like the megger 1553 what the prices range

 

[rolyberkin]

Hi Farmelectrics,

Unless your profiting more than 60k per year it is not worth going Limited, unless you have another reason behind it? Legal cover?

This is quite a sweeping statement bearing in mind we do not know the posters financial situation, having a Ltd company in some circumstances can be the best course of action irrespective of turnover. In my humble opinion the advantage with Ltd companies is they have a distinct entity to your private finances. In a risk area such as electrical installation with an ever increasing litigious general public my suggestion is it would be prudent for you to have a Ltd company with all insurances and financial affairs down to the company. In the unfortunate event of something going horribly wrong they sue the company not you. I am bound to be shot down in flames here but there are not many people who cause accidents or damage who actually set out in the morning intending to do so! There can be tax advantages with a Ltd company depending on your personal finances and situation but please check with an accountant, setting up a company is a piece of P*** just look on line for people who can do it for you, however it is so easy you can do it yourself, you could have a Ltd company set up by this time tomorrow!

The costs of accountants for a Ltd company are not that different, depending on how you set the company up and how you pay yourself, but you will have to take advice.