Whether you’re just considering a new business idea or already transact as a sole trader, you may wonder if incorporating your business – that is becoming a Limited Company – is right for you. In order to know the answer, you need to research the differences between the two structures, and we highly recommend speaking to your accountant, as there will be tax implications.
Making Tax Digital for Income Tax Self-Assessment becomes law on 6 April 2023 and aims to make tax accounting easier for businesses and individuals such as sole traders by legislating the digitalisation of tax data and submission.
Continue readingThe ongoing lockdown may be the catalyst for many limited company owners to change their business model in order to survive or to create a simpler way of working. One option is to disincorporate – in other words, dissolve the limited company and, if the business is still viable, operate as a sole trader instead.
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