
Sole Trader vs. Limited Company: A Freelancer’s Guide (2024)
Which is the best legal entity for a brand new freelancer business? It’s a question we are often asked, sole trader vs limited company, which
IN Accountancy offers a full Limited Company accountancy service to small to medium sized businesses.
From setting up your new limited company and ensuring it is structured in the most appropriate way for you to take advantage of any tax planning strategies from the word go, to registering for your required tax services such as VAT, Corporation Tax and PAYE with HMRC, our Limited Company accountants set up services take the headache of getting started away.
Paying your employees the right amount at the right time, every time, is one of the most important jobs of a company director.
By outsourcing your payroll to us you can sleep easy knowing everything is in safe hands with our expertise in limited company accounting.
In order for you to have relevant and timely financial information about your business, you need up to date and accurate bookkeeping. If this isn’t something you want to do in-house, our expert team is here to help.
A high standard of bookkeeping helps reduce other fees, such as for completion and submission of your VAT returns and annual accounts.
IN Accountancy are a Xero Gold Champion Partner firm, and also have extensive knowledge and experience of other softwares, including but not exclusively, Quickbooks, Sage and FreeAgent.
We are happy to help you set your business up with the most appropriate software package for you, train you on how to use it, and identify and help implement applicable app integrations to save you time and make your processes more efficient.
Or, we can do it all for you – it’s completely your choice.
Ultimately it comes down to just two words:
WE CARE…
About you, your business, our team, our business, the local community and the environment.
We always strive to do our best, to improve that best and to go the extra mile.
We do what we say we will do. Simple.
Something you should expect from your accountant!
We want you to feel at ease and well looked after – no such thing as a silly question.
We understand how important communication is to you, and will always respond to you quickly.
We take a no-jargon approach and aim to help you understand the numbers that really matter in your business.
Our philosophy is to strive for continuous improvement and empowerment for all.
News relating to Limited Companies
Which is the best legal entity for a brand new freelancer business? It’s a question we are often asked, sole trader vs limited company, which
💷 So, the FSB are in the process of lobbying HMRC to increase the VAT registration threshold to £100,000 It’s been at its current level
Advisory fuel rates are changing from quarter beginning 1 December 2023 for certain vehicles!
The rate for electric cars has been reduced to 9p per mile and hybrid cars are treated as petrol or diesel for these purposes. This reflects the slight decrease to electricity costs over recent months.
Other changes can be found in the main table
There are numerous factors that determine the most tax-efficient option to remunerate yourself via a limited company. Contact IN-Accountancy to arrange a consultation to discuss your personal circumstances.
There are numerous factors that determine the most tax-efficient option for purchasing a property. Contact IN-Accountancy to arrange a consultation to discuss your personal circumstances.
Yes, if an electric vehicle is purchased through a limited company, this will result in a Benefit in Kind, which is calculated as a percentage of the list price of the vehicle. The ‘cash equivalent’ of the benefit will be taxed on the individual as earned income, and the company will also be liable for Class 1A National Insurance on the benefit. The benefit must be reported to HMRC annually by 6 July.
There are numerous factors that determine the most tax efficient option for purchasing a property. Contact IN-Accountancy to arrange a consultation to discuss your personal circumstances.
Yes, it is possible to transfer shares to your spouse/civil partner or adult children. Contact IN-Accountancy to arrange a consultation to discuss your personal circumstances.
IN Accountancy strongly recommend that legal advice is sought by every Limited Company to put a shareholders agreement in place.
Keep up to date with all the news, events and videos from IN Accountancy
2 Station View,
Rhino Court,
Bramhall Moor Lane,
Hazel Grove,
Stockport,
SK7 5ER
IN-ACCOUNTANCY
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