0345 557 1287
Office Hours: 9am to 5.30pm
0345 557 1287
Office Hours: 9am to 5.30pm

Sole Trader vs. Ltd Company

If you run your own business, it’s inevitable that you’re going to be faced with the decision of whether you want to trade as a sole trader or limited company. Which is best for your circumstances? Here’s a quick summary of the main differences between trading as a sole trader or a limited company.

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IR35 cost

If you are outside IR35, you would typically take a small salary from your company which will allow you to benefit from statutory payments whilst minimising the amount of Employer’s and Employee’s National insurance and tax. The rest of the income you take from the company would be paid in the form of dividends which come out of the company’s post-tax profits.

The advantage of this is that dividends do not attract National Insurance and are taxed under the Corporation Tax regime.

If however you are caught by IR35 on an engagement then the majority of your income would be treated as “deemed salary” and subject to the same levels of taxation as a normal employee. There may still be some benefits of working via a limited company even if IR35 caught such as flat rate VAT and certain expense allowances but the financial advantages are less.

You can find more IR35 information here

Impact of Brexit on VAT, balance of trade and growth: what recent data suggest

Britain are due to leave the EU when Big Ben bongs at Midnight on 29th March 2019. This will be a pivotal moment for the history books, and one at least 48% of the voting population did not wish to witness. The British people would have waited nearly three years for this event, following the vote, so understandably the UK will be weary of the whole thing by then.

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Corporation Tax Rates: comparing UK against the other G7 members

Global economy

With the world now being considered a global economy, we are often tempted to compare ourselves to other nations and take a cursory glance at least, at how they run their tax systems and execute their political agendas. Not only does this give us ideas, but can make us feel smug and envious in equal measure. Historically we felt closer to our European neighbours, not only culturally but financially.

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Budget announcement March 2017

Philip Hammond stated to the House of Commons in his first Budget speech that the £5,000 Dividend tax allowance, introduced only a year ago was “very generous”. True, it is more generous than the new allowance of £2,000, set to be introduced from 6th April 2018. Shareholders and Company Directors can rest easy then that the new dividend threshold, which Limited Company Accountants and Personal Tax Advisers have only just begun to get used to, will last another year!

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Transport for London effectively bans ltd company contractors

Changes to IR35 legislation being introduced in April have led at least one public sector employer to force Limited Company contractors to go Umbrella or face being jobless.

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The One Click Group are now Associate Members of the FCSA

With compliance increasingly in the spotlight in the contractor umbrella, accountancy and payroll industry, we feel it is more and more important to be seen as committed to raising standards.

This is something we share with the Freelancer and Contractor Services Industry (FCSA) and we are now proud to have been accepted as Associate Members.

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How 2017 will stack up for contractors

2016 was an eventful year for the UK economy and for contracting with several legislative changes and political and economic events such as the Brexit vote. These events are likely going to affect contractors, freelancers and the self-employed in both public and private sectors during 2017.

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ContractorUK Reader Awards 2016: vote for us now

For the second year in a row, we’re delighted to announce that the One Click Group have been nominated in the ever-popular Annual ContractorUK Reader Awards 2016 in the Best Umbrella Company category.

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Autumn Statement 2016 Preview

On Wednesday this week we will see our new chancellor, Philip Hammond, deliver his first Autumn Statement to the Commons. This will be the first non Osborne statement since 2009 so will it signal a new approach?

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