TO INCORPORATE OR TO BE A SOLE TRADER?
There are significant tax advantages to incorporating, and the savings in tax more than outweigh our extra costs. However, some choose to stay as sole traders because:
- It is early days, and they want to see how things go before taking on the extra administration and cost.
- They are quick and easy to set up.
- There can be tax advantages to starting off as a sole trader.
- No balance sheet is required by HMRC making the bookkeeping much easier.
- Privacy is important and as a sole trader, no information appears on the public record.
We can advise you on the benefits of both options and assist you on making the leap from being a sole trader to incorporating.
EIS AND SEED EIS
There are various tax reliefs in place to encourage investments in start-up businesses, known as Seed Enterprise Investment Scheme (SEIS) for investment in small start-ups and Enterprise Investment Scheme (EIS) for medium sized companies.
Haggards Crowther will assist in obtaining HMRC approval and advise you on how to comply with the rules for these schemes.
'When starting a business it is a great help to have the back up of independent advice and guidance when making key decisions. Haggards Crowther have given us knowledgeable, impartial advice on a wide range of topics, to help us make the right choices. We would recommend them to anyone.'