Employed, Self-Employed or Start Your Own Lift Business, which one is right for you? There are pros and cons for each and ultimately it will be dependant on your own circumstances and how you want to run things in your working life.
We can help you set up in business for you to earn and keep more of your money and save time by working less hours.
First consider these questions.
1 Have you ever thought about doubling your income?
2 What about a flat 19% tax rate payable only on your profits?
3 When you retire, would you rather have a £250,000+ paycheck by selling your business, or a crystal mantel clock, engraved with your name?
A sole trader is effectively a self employed person where the business and the individual are the same legal entity. A Ltd company is a separate legal entity to you (the person) and if you're going to pay yourself by the business you'll want to pay yourself via salary and dividends. As a sole trader you would be subject too the normal income tax brackets that individuals pay (i.e. 20% & 40% depending on how much you're earning). Limited companies pay Corporation Tax which is a fixed rate of 19% and is only paid on its profits, they don't pay national insurance.
We may advise you to set up as a Ltd Company where you don't have to file your accounts or pay any tax for 21 months. You'll own the shares, which you can sell and by registering for VAT you'll also benefit from reduced expenditure. There are other options such as Sole Trader, Partnership and Community Interest Company (CIC) and we can help guide you with specialists accountants.
Training Centre Direct are lift industry experts and have helped dozens of previously training people set up on their own, or get qualified to help them earn more money, we can even help with finding new lift customers too. If you would like to know more, then take us up on our free 90 minute consultation one-to-one with an experienced adviser. There is no obligation to do anything or to sign up to any agreement - it is just good advice to help you now or in the future.
If you would like to come and talk to us, please contact us or call us on 020 8303 4411 and we will book you a confidential appointment.