Really interesting thread about sole traders vs. ltd companies


#1

Hullo chums. I’m up for a job soon and have been told that the rate is lower for sole traders but if i register as a ltd company i get paid the full rate, something to do with holiday pay or NI or something idk.

Are any of you lot registered as ltd companies? What are the benefits? Is it a massive faff and a half to register?

Thank u.


#2

Morning Eric. Is it wet where you are?


#3

How’s the album coming along chief?


#4

:smiley:

(No, but I have a lot of info on shit like this at work. I can try and find a lil guide and PM you if I find anything if u like)


#5

I would imagine you have a lot of info on all sorts of shit at work. Working in a library and all.

thundersdrids laffin.jif


#6

:expressionless:


#7

It’s not too bad here!

Not bad. Got the drums done, doing bass today. Going well i think.

Yes pls!


#8

I can tell you it has some effect on how you’re treated under GDPR!


#9

???

Body seems unclear


#10

It’s just a call back to my own REALLY INTERESTING thread about GDPR (new EU laws about data privacy).

There is some uncertainty under GDPR but it seems like the information of sole traders will have to be treated as personal data (even though you might assume it was business data), whole ltd companies can just be treated as business data. Fascinating, I’m sure you’ll agree!


#11

If you’re self employed it’s almost always worth operating through a limited company. It’s a faff to do it all yourself, but if you have an accountant it’s very easy. I use SJD who are expensive but always ranked as the best (the fee is deductible):

http://www.sjdaccountancy.com

Their website^ has a guide to getting started plus a sole trader Vs limited comparison tool.

For a one off job it’s probably not worth setting up a limited company, but as a long term option it’s definitely beneficial.


#12

I was on my own for about three months but never got started (a new staff position came along and I grabbed it)

I was told though that some companies up here (Aberdeen) will only add you to their “approved suppliers list” if you’re set up as a limited company and so I set one up. Otherwise I wasn’t really sure of the benefits of either. I’m sure it benefits the company hiring you rather than the other way around.


#13

sounds like a load of faff


#14

Yeah defo but this is at a place i’d wanna work with more and i’m sure it’ll come up again


#15

Eric4Ltd


#16

It does, doesn’t it?