4th September 2018 Posted by - Alexander Accountancy
Should I go limited?
For sole traders and owners of small but growing unincorporated businesses this is a key question. It is also something that has become a lot more relevant to landlords due to the restrictions on interest relief.
As accountants we will explain the remuneration and tax planning aspects in favour of one or the other. We will explain the cost implications due to various requirements, statutory obligations and possibly workplace pensions. And we will recommend what we believe is the best financial answer. But
What about none financial considerations?
If you asked a solicitor the same question, there is a good chance his reply will be
“ALWAYS GO LIMITED”
A limited company minimises your exposure to risk, protects what you own personally and it protects your family. As a sole trader or an unincorporated business, when things go wrong you are personally liable putting your home, savings and your none essential possessions at risk. When you trade through a limited company, providing you do not act in a reckless or negligent manner, your personal life and possessions are protected. If you would like to ask about going limited Alexander Accountancy offers free business reviews where we are happy to deal with this subject.
To help decide the right answer for you Alexander Accountancy offer free Business Advice Consultations that can be booked with one of our client managers. Or if you want a more informal conversation you can join us at Alexander’s Business Club, meet us at the Burton Small Business Expo on 12th September 2018 or come for a drink with us at The Tower Brewery on the second Friday of each month.
If this is something you would like to know more about please telephone
Burton upon Trent 01283 743851 or email in**@al*******************.uk
