It is often the case that sole traders look to formulate a limited company as a natural progression, normally as the amount they earn increases. This is because there are many tax advantages associated with being a limited company vs sole trader, along with lots of other benefits. If you are considering making the transition from sole trader to limited company, consider the below comparisons.
Whether or not you choose to move from a sole trader to the director of an incorporated company will depend on a number of factors, such as how much you earn, how much you are expecting to grow, and how much time and money you are willing to invest in running a business. An accountant specialising in self-employed tax matters can help you steer clear of costly mistakes.
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