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The main reasons to incorporate are to limit liability and because it can be more tax efficient.
Limited liability means that any debt the company has is not yours personally, while as a sole trader you are personally liable. As a limited company director you could draw from the company using a combination of wages and dividends, while making savings on the amount of taxes paid, although this has reduced in recent years. You could draw a basic salary and take the rest of your earnings out of the company as dividends, you don't pay national insurance contributions on dividends and the tax rates are calculated differently. Another reason to incorporate is your customers perception and professional image of your business. Some larger organisations also prefer to work with companies rather than individuals. One of the main issues to consider when deciding to incorporate is your turnover, for further information please contact us on [email protected]. |
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