LTD or Self Employed.

[sham]

LTD Or Self Emoyed.

HI, Everyone, not sure about best course of action. I've taken a full time job, (On the books) and I want to continue doing small jobs on the side (stay NICEIC registered). I am both Self Employed and LTD. I've spoken to the accountant, he said it's your call. If I close my LTD, I have to pay a tax when withdrawning my money.

I was aiming to keep my Self Employed status. Because I feel it comes with less admin and I won't be making much money.

It may sound silly but just paying the accountant for filing LTD business accounts is a chunk out of my profits.

PS, I am not business minded. I don't understand this tax stuff , just want things to be easier and simpler.

Please advise. I have untill next week to decide.

 

[Hakuhou]

LTD Or Self Emoyed.

HI, Everyone, not sure about best course of action. I've taken a full time job, (On the books) and I want to continue doing small jobs on the side (stay NICEIC registered). I am both Self Employed and LTD. I've spoken to the accountant, he said it's your call. If I close my LTD, I have to pay a tax when withdrawning my money.

I was aiming to keep my Self Employed status. Because I feel it comes with less admin and I won't be making much money.

It may sound silly but just paying the accountant for filing LTD business accounts is a chunk out of my profits.

PS, I am not business minded. I don't understand this tax stuff , just want things to be easier and simpler.

Please advise. I have untill next week to decide.

This reply might be too late, but if your full time job allows it I would go the Ltd route.
This is less about the taxes and more about legal liability, company history, and the benefits of those two things.
If you’re a sole trader and get sued/get pursued for debts your personal assets are at risk, it goes without saying that you can’t go around being a cowboy within a limited structure but legally you’re far better protected behind a limited company.
If / when you come out of your current full time you’ll have a limited liability company with a history of trading. This comes in handy for credit, and other companies doing business with you.
There are some headaches and additional cost but if you’re in for the long haul ltd is the way to go in my opinion.