{"id":35129,"date":"2021-01-06T18:00:39","date_gmt":"2021-01-06T18:00:39","guid":{"rendered":"https:\/\/www.ratedpeople.com\/blog\/?p=35129"},"modified":"2021-04-22T09:32:58","modified_gmt":"2021-04-22T08:32:58","slug":"becoming-a-sole-trader-or-limited-company","status":"publish","type":"post","link":"https:\/\/www.ratedpeople.com\/blog\/becoming-a-sole-trader-or-limited-company","title":{"rendered":"Becoming a sole trader or limited company"},"content":{"rendered":"\n<p>Whether you\u2019re just about to start up or you\u2019ve been trading for years, we\u2019re here to help you understand the difference between sole trading and limited companies. So, you&#8217;ll be able to choose the right way to operate for your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What&#8217;s the main difference between a sole trader and a limited company?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/sole-trader-1.jpg\" alt=\"Self-assessment tax form, calculator and glasses on a table\" class=\"wp-image-35125\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170607\/sole-trader-1.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170607\/sole-trader-1-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Being a sole trader<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.gov.uk\/set-up-sole-trader\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Gov.uk<\/strong><\/a> says that you can keep all your business\u2019s profits after you\u2019ve paid tax on them, if you\u2019re:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A sole trader,<\/li><li>Self-employed, and<\/li><li>Run your own business individually.<\/li><\/ul>\n\n\n\n<p>You\u2019ll be personally responsible for any losses that your business makes.<\/p>\n\n\n\n<p>You must be <a href=\"https:\/\/www.gov.uk\/log-in-register-hmrc-online-services\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>registered with HMRC<\/strong><\/a> for self-assessment and if your turnover is \u00a385,000 or more, you must <a href=\"https:\/\/www.ratedpeople.com\/blog\/do-i-need-to-be-vat-registered-the-pros-and-cons-for-businesses-and-tradespeople\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>register for VAT<\/strong><\/a>. Plus, from April 2021, you must register for the <a href=\"https:\/\/www.ratedpeople.com\/blog\/making-tax-digital-for-vat-what-you-need-to-know\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Making Tax Digital for VAT service<\/strong><\/a>.<\/p>\n\n\n\n<p>Being a sole trader can be financially beneficial for some smaller businesses, but it is riskier as you take full liability. The worst-case scenario for a sole trader is being forced to apply for bankruptcy. This could potentially lead to you losing your house or possessions and damaging your credit history.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Being a limited company<\/h3>\n\n\n\n<p>On the other hand, a limited company is legally separate from its director(s). So, you cannot be held personally responsible if the business runs into financial problems (excluding criminal activity). A director\u2019s personal assets (e.g., house and car) will always be protected if the company is liquidated.<\/p>\n\n\n\n<p>However, running a limited company can be complicated as there\u2019s more admin and duties required from the director(s). Having an accountant is usually a necessity.<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"509\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/sole-trader-2.jpg\" alt=\"Tradesperson looking at laptop\" class=\"wp-image-35126\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170620\/sole-trader-2.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170620\/sole-trader-2-500x332.jpg 500w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>A limited company must <a href=\"https:\/\/www.gov.uk\/topic\/company-registration-filing\/starting-company\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>register with Companies House<\/strong><\/a> for a fee. Plus, they must name at least one director and one guarantor (who could be the same person.) If a company\u2019s turnover is \u00a385,000 or more, it must also <a href=\"https:\/\/www.gov.uk\/vat-registration\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>register for VAT<\/strong><\/a> and use the <a href=\"https:\/\/www.ratedpeople.com\/blog\/making-tax-digital-for-vat-what-you-need-to-know\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Making Tax Digital service<\/strong><\/a> from April 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What&#8217;s the difference in getting paid as a sole trader in comparison to a limited company?<\/h3>\n\n\n\n<p>The other main difference between a sole trader and limited company is the way you pay tax and yourself. If you operate as a limited company, you\u2019ll pay Corporation Tax (currently 19%) on annual company profits. Company directors usually pay themselves both a salary and dividends, but the salary is the only part that will be subject to Income Tax and National Insurance. Their yearly salary and dividends will still need to be declared in an annual tax return and they will still receive a standard Personal Allowance of \u00a312,500, unless their total income and dividends are over \u00a3100,000.<\/p>\n\n\n\n<p>As a sole trader, you can keep all your profits after you\u2019ve paid income tax on them. The rate of income tax you pay depends on your income. Currently (at the time of writing) there is a Personal Allowance of \u00a312,500 which you pay 0% on, the Basic rate (\u00a312,501 to \u00a350,000) is 20% and the Higher rate (\u00a350,001 to \u00a3150,000) is 40%.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Which is better?<\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/sole-trader-3.jpg\" alt=\"Tradesperson writing on a whiteboard\" class=\"wp-image-35127\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170635\/sole-trader-3.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170635\/sole-trader-3-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>The business structure that you choose depends on what kind of business you want to create. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of becoming a sole trader<\/h3>\n\n\n\n<p>If you think you will remain a small and simple business, being a sole trader can really be an advantage. Your accounting process will be much easier, meaning you may not need an accountant, it\u2019s simpler to pay yourself, there\u2019s less paperwork and you don\u2019t need share business information with the public, keeping your finances private.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of becoming a limited company<\/h3>\n\n\n\n<p>However, if you intend to scale up your business and hire multiple employees, a limited company is a better option. Plus, there is generally scope to make more profit as a limited company. Firstly, your company\u2019s credit rating does not rely on your personal credit rating, so you can borrow more to invest in and expand your business. If you create a popular brand and business, but decide you want to do something else, it\u2019s also far easier to sell an incorporated limited company.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Changing from a sole trader to a limited company<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/sole-trader-4.jpg\" alt=\"Couple looking at papers and laptop\" class=\"wp-image-35128\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170649\/sole-trader-4.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/06170649\/sole-trader-4-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>If you want to switch to trading as a limited company, there are a number of things you\u2019ll need to do.\u00a0 The government has a full <a href=\"https:\/\/www.gov.uk\/set-up-limited-company\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>step by step plan for setting up a private limited company<\/strong><\/a>, but the key things include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Checking you can use your existing business name as your company name.<\/li><li>Setting up a separate business bank account, if you don\u2019t already have one.<\/li><li>Registering your company with <a href=\"https:\/\/www.gov.uk\/topic\/company-registration-filing\/starting-company\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Companies House<\/strong><\/a>.<\/li><li>Working out how you want to pay yourself.<\/li><\/ul>\n\n\n\n<p>If you don\u2019t have an accountant, now may be the time to find one. They can help you with setting up and running your limited company.<\/p>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#e7e7e7\"><strong><a href=\"https:\/\/www.ratedpeople.com\/blog\/trade\" target=\"_blank\" rel=\"noreferrer noopener\">From VAT information to tips on social media, customer service and more, visit our Trade Advice Centre.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re just about to start up or you\u2019ve been trading for years, we\u2019re here to help you understand the difference between sole trading and limited companies. So, you&#8217;ll be able to choose the right way to operate for your business. What&#8217;s the main difference between a sole trader and a limited company? Being a &hellip;<\/p>\n","protected":false},"author":3,"featured_media":35124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093,2944],"tags":[3147,3146,3145,3113],"class_list":["post-35129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-advice","category-trade","tag-limited-company","tag-sole-trader","tag-sole-trading","tag-trade-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Becoming a sole trader or limited company | Rated People<\/title>\n<meta name=\"description\" content=\"Rated People explains the difference between being a sole trader and a limited company, including giving you the benefits of each.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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