[Klean07]

My accountant mentioned to me last week that tax for the self employed is changing from 2024. Briefly what he was saying is that from then most sole trading business's will need to do accounts every three months instead of 12. He talked about me going ltd as I employ. Just wondered how many on here are ltd and why etc.

[Smudger]

Yes limited with 5 staff

I was sold trader/self employed when I had 3 staff

Main thing with ltd you have limited liability- depends if this worries you not

I changed over as the accountant showed me savings. On tax etc over sole trader but you need to look at this to suit your own circumstances

Darran

[Stoots]

Corporation tax is going up next year.

But then again i think class 2 nics are ?

Do the maths is the best answer.

Im ltd but i did it for personal reasons, i would probably be better off very slightly sole trader at my turnover. Certainly a lot easier to do the books.

[Spruce]

Doing a tax return every quarter is going to be a pain tbh.

Then certain software HMRC require and reporting processes aren't free either, so another expense.

[Mark Dee]

We are limited, went limited after 12 months of trading. It suited us as it fitted in with where we wanted the business to get to. We employ  10 fulltime staff and are about to add some more.  The benefit was lower tax rates (corporation tax will be going up quite considerably soon though}. Limited liability reduces personal exposure  to debt (provided directors guarantees arent  given) and business finances arent intertwined with personal.
Administration is more expensive, there are higher accountancy fees and year end accounts need to be prepared by a chartered accountant and cost approx £2500 and upwards. Your accounts are available to anyone who wishes to see them so your financial position is more transparent albeit abbreviated.
I would talk to a couple of chartered accountants for their opinion on your particular circumstances  depending on how you run or intend to run your business .