Re: FN-FORUM help choosing an accountant

date posted 16th January 2002 20:05

help choosing an accountant"While I'm here, I'm just curious as to the
difference between a sole trader and a limited company. Anyone have a
preference? Pluses & minuses of each?" (Isabel Nunes)

the following is copied from a business link publication

Sole trader:
no need to register with anyone
no need for an accountant (but it is advised you use one anyway)
lower National Insurance contibutions
you are personally liable for all business debts

Limited company:
Company is a separate legal entity
Increased borrowing power
sale of business is less complicated
costs money to set up
anual accounts in approved maner have to be maintained
tax payable under PAYE and corporation tax
Higher National Insurance contibutions