Happy New Year. I am new to the network so bear with.
I am a qualified AAT member and run my own business for the last 10 years with a lot of experience in all aspects I also complete book keeping for 2 clients whom happen to be family members but only on a small scale. Due to a few reasons I am looking to apply for MIP status with the AAT and look to taking a couple of clients in my spare time. Slightly daunting to be honest although I am confident about my capabilities and am upto speed with requirements but just not so confident about selling my services. Would anyone recommend setting up as a Limited Company?
Happy New Year.
personally I would not change to Limited status unless the profits were enough to warrant the extra hassle- sole trader status is much easier I find.
Not had much experience with cloud software so cant really pass comment on it
I would agree with Sharon. Until it is beneficial for you to be Ltd, stick to sole-trader. Makes life easier. Again, I've not had much experience with cloud software, but personally would prefer to have software that sits on my computer, rather than being on a server where I have little control over its' security. Think I'll need more assurances before I go that way.
I too am starting out and have decided to go Sole Trader to start with, although I have registered a dormant Ltd company to ensure I preserve the name.
Speaking from experience I started out as a sole trader then changed it to a limited company. I changed it because being a sole trader lost me a couple of jobs (yes the businesses actually said they would only deal with a partnership or LTD)
As far as cloud software is concerned well that's one of my "things". I use and train businesses (& accountants) to use Xero, Clearly Books, Kashflow & Free Agent. My personal favourite being Xero as I prefer how the software looks, it does everything I need and integrates with just about everything!
Many thanks for all of your comments they are appreciated and GinnyBee I will have a look at Xero think the cloud maybe a route most will venture into eventually. Think any new start can be daunting Xxx
I too am starting out and have decided to go Sole Trader to start with, although I have registered a dormant Ltd company to ensure I preserve the name.
Hi have you come across any hidden issues that i need toable aware of?
Have you come across any hidden issues when setting your business up that I need to be aware of?
Hi Jackie
Nothing that was insurmountable. I have set-up a separate bank account, web site, email. Best to also get your own phone (land line) if you are working from home, I went for a VOIP solution. Make sure you are registered with HMRC for business (UTR etc). I am waiting for my practice license from ICB, which should be early next week.
Then its marketing/networking and full steam ahead.
If you have anything specific that you are having difficulty with, would be happy to help.
I too am starting out and have decided to go Sole Trader to start with, although I have registered a dormant Ltd company to ensure I preserve the name.
You should be aware that forming a limited company does not protect the name or guarantee that no-one else is already using it. It just means that no other limited company can use the name.
If you want to protect the name, you must register it as a trade mark (http://www.ipo.gov.uk/ for more info).
I too am starting out and have decided to go Sole Trader to start with, although I have registered a dormant Ltd company to ensure I preserve the name.
You should be aware that forming a limited company does not protect the name or guarantee that no-one else is already using it. It just means that no other limited company can use the name.
If you want to protect the name, you must register it as a trade mark (http://www.ipo.gov.uk/ for more info).
Iain
Thanks Iain
I am well aware that its not a Trade Mark protection. I just wanted to ensure I have a smooth transition from ST to LTD should I wish to, without having to change name a great deal, and all the online presence etc. Hence registering the Ltd company as well.
I have been trading as a sole trader for a few years. I too registered the Ltd name to smooth any future moves, but I think it'll be next year before I look at it again.
Many on this forum will know, I have long since held some strong reservations about cloud accounting software. All that changed recently. I have now moved a few clients onto Xero and really like it. Using Xero and ReceiptBank has lessened my time with data input and more than pays for itself.
