Hi,
I am setting up an industry-specific web portal. I want to come across as professional as possible so don't want companies to make cheques out to 'Piers Morgan (not my real name BTW - I'd have to change it if it was!!!)', but rather a biz name. I also want to keep the men in suits happy!
I haven't registered the company yet as I am unsure whether to register as a sole trader or ltd company. I'm only going to do this portal as a sideline whilst I remain in full time employment so I don't really want to spend a lot of money to set up as a ltd company. I realise that as a sole trader you are personally responsible for debts etc and can risk losing personal assets, but the only debts I will have initially are cost of website, hosting and some recruitment software.
As far as I understand it, by becoming a sole trader I will:
1) register myself as self-employed with the Inland Revenue
2) start paying basic National Insurance Contributions of £2 a week (unless earning under 4200)
3) Hold simple revenue/expenses accounts suffice
4) Annual self-assessed tax
I take it, this is the cheapest route?
What are other net-only entrepreneurs doing?
Thanks,
'Piers'
I am setting up an industry-specific web portal. I want to come across as professional as possible so don't want companies to make cheques out to 'Piers Morgan (not my real name BTW - I'd have to change it if it was!!!)', but rather a biz name. I also want to keep the men in suits happy!
I haven't registered the company yet as I am unsure whether to register as a sole trader or ltd company. I'm only going to do this portal as a sideline whilst I remain in full time employment so I don't really want to spend a lot of money to set up as a ltd company. I realise that as a sole trader you are personally responsible for debts etc and can risk losing personal assets, but the only debts I will have initially are cost of website, hosting and some recruitment software.
As far as I understand it, by becoming a sole trader I will:
1) register myself as self-employed with the Inland Revenue
2) start paying basic National Insurance Contributions of £2 a week (unless earning under 4200)
3) Hold simple revenue/expenses accounts suffice
4) Annual self-assessed tax
I take it, this is the cheapest route?
What are other net-only entrepreneurs doing?
Thanks,
'Piers'
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