Posted January 24, 2020
Running costs of a Limited Company vs Sole Trader
Whitesides Accountant & Tax Advisor Sarah Greenwood talks about the “running the costs of a Limited Company vs Sole Trader”
The other thing that you might want to consider is the costs. Running a limited company can be more expensive than a sole trade business. You’ll tend to find that banks charge more, you’ll tend to find also that your accountancy fees and other costs like that might be more money. You’ll need things like employers liability insurance which if you’re a sole trader you wouldn’t need unless you’ve got any employees.
The costs can be quite a bit more if you’re running a limited company over a sole trader. I would have said they’re the main things you want to consider but there are the other things that might impact your decision as well.
We hope this has helped answer the question should I set up a limited company if you have any questions please get in touch.