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Of the many important matters to consider when embarking upon any business venture, one of the most significant is whether to set up as a Limited Company or to simply trade as Self Employed or a Partnership if there are more than one of you. Just one Director, Shareholder and a second person acting as Company Secretary can set up A Company. The initial cost of formation can be as little as £141.00.

Legal requirements for Limited Companies have become much less onerous over the past few years. Besides the well established benefits of Limited Liability, which will protect an individual in the event of business failure, there are considerable tax advantages for small Limited Companies.

For example a small business earning profits of up to £300,000 can save £1000s in tax p.a. by operating as a Limited Company which pays tax at only 21% on its profit, compared with up to 40% for individuals.

A Limited Company does involve more red tape but this is handled by ourselves at a moderate annual cost, which will more than compensated by the tax savings As a Director of a Limited Company you become an employee of your own Company and therefore draw a salary, thus gaining the benefit of personal tax allowances and the low rate of Corporation Tax on Company profits.

Other advantages are the increased status of being "Limited" and ease of expanding or selling of the business in the future.

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