my husbands business is a sole proprietor ship - but we have purchased the Ltd company name to secure it - once its registred at companies house do we need to start trading under it - or can we have it as dormant until we are ready to transfer to a limited company status.
are there many benefits to being a limited company as opposed to a sole proprietorship
You can keep the company dormant by submitting dormant company accounts at companies house. The easiest way to do this if you haven't used the company in the year, is to complete form DCA which is available from the CH website.
Doing this will enable you to keep the company on the register until such time as you decide to start using it.
The main benefits are national insurance savings and also the chance to shelter profits....however, there are always other considerations to make before deciding one way or the other, you should chat it through with an accountant
I see by your name that you may be Irish (Southern as opposed to Northern, ie, GB) ... is your Ltd Company Irish Registered or is it Registered in England & Wales ?
I am retired by the way, but I have heard recently that Irish Limited Companies can now (or will be able to when announced), receive a Zero Rate of Corporation Tax.
I suggest you try an accountant as per Julie's suggestion.
