[matt]

i have been cleaning windows for 15 years and have been a ltd for last 5 if your turn over is much higher than a cowboy or a pint n pack of walkers weekenders and you would like to look and feel a pro and do business with other businesses as wel as houses regardless of being vat registered you sould become a ltd good luck

so if your not ltd, your a "cowboy or a pint n pack of walkers weekenders window cleaner "  : : :

oh and if your ltd, you look and feel more pro  : : :

does it include a facial tattoo then now " Im a LTD company "

[matt]

If you have an already established business which is turning over a reasonable amount of money then it is worth going limited.  I have recently gone limited with my window cleaning business and have used an experienced accountant to deal with this.  Although it costs in fees it has saved me a considerable amount of money already.

Just out of interest, how does 'going limited' save you on tax?  I'm probably far from going limited, in fact I'm happy just the way I am; honest; small cheese and no stress, but aren't you still taxed on your profit regardless of whether you're a sole trader, in a partnership, a limited company or even a PLC?

I'm just being nosey; there'll be no smart-ass replies from me. 

What's the difference between being a sole trader and a sole trader whose a limited company?

isnt if you get about the tax threshold, you pay yourself a wage below that and then the rest is a Dividend payment ( that is at a lower rate of tax )

it allways used to be anyways

[AJ]

You can also take £42000 wages (i think its that amount) @ 21% tax  and another £42000 in dividends, also @ 21% tax.
Then you make the mrs a director and she can do the same.
So, not hitting 40% tax bracket but being quite comfortable thank you very much.

[Tosh]

You can also take £42000 wages (i think its that amount) @ 21% tax  and another £42000 in dividends, also @ 21% tax.
Then you make the mrs a director and she can do the same.
So, not hitting 40% tax bracket but being quite comfortable thank you very much.

Well then I'm a long way-off from being a limited company.

[AJ]

I'm Ltd, but Ive got a LOT more windows to clean before it affects me like that.

[Steve Lowe]

What a lot do is pay a wage just below the tax threshold and then draw the rest with a dividend. You then pay 21% tax on your dividend but no class 4 NIC so saves quite a bit.

Steve

[ronnie paton]

you cant be a sole trader ltd company you are just a ltd company and you beome an employee for that company.

if you pay yourself a small wage thinks its£6k a year you dont pay tax or insurance or employees ni you can then take a dividens on the profits made yearly or monthly(you must make a profit each month to take a dividens) dividens are 21% i think

you can  do the same for you wife if you make her a director.

you do have more paperwork and higher accountancy fees though.

a soletrader is say ronnie paton working as ronberclear but if your a ltd copany your the director of the company any decisions have to be made by all the directors if more than one.

[matt]

you can buy " off the shelf Ltd companies " aswell, which used to seem popular

doesnt being ltd also mean your house is not at risk if you run up credit

[matt]

Things are more straight forward being a sole trader, so there’s no need to complicate things until you have outgrown being a sole trader.

If you can’t go beyond sole trader level of doing business, what’s the point of going ltd?

I look at being a sole trader as a test If you want to be ltd, its fine being a sole trader and the money is ok, but what reasons could you possibly have to go ltd if you can’t reach the numbers at sole trader level!

it makes you look and feel more Pro

and you can do business with other businesses as well as houses

well according to ok cleaning 

i have been cleaning windows for 15 years and have been a ltd for last 5 if your turn over is much higher than a cowboy or a pint n pack of walkers weekenders and you would like to look and feel a pro and do business with other businesses as wel as houses regardless of being vat registered you sould become a ltd good luck

[AJ]

A lot of commercial companies will ONLY do business with Ltd companies. This is 1 reason why we did it, to secure a contract with a building refurb company.
I think its worth doing, it does give customers a lot more confidence in you. But , horses for courses.

[bluez]

Ltd stands for limited liability and aside from the tax efficiancies your liabilities in the event of failure of the company are "limited" to the assets of the company. But be careful as a director you are liable personally for the sound financial operation of the company and can be held liable for trading insolvancy or other breechs.

Many seem to make the error of saying "i'm a ltd company". A ltd company is an entity seperate from th individual you could say my business is a ltd company but you will not be and never can be.

Get professional advice and follow it.