It can be challenging when you first set up a business to know how to structure it – do you work as a sole trader or a limited company? if you’re in partnership, do you set up a limited company or an LLP?
There is no right or wrong answer, it very much depends on the person, their circumstances and how much profit the business is producing. As you would expect there are pros and cons for each choice.
Help and resources are at hand if you’re having some trouble settling on the right choice for you. The Government’s website has a great summary on what the different structures are and how you go about setting it up/assessing the tax impact.
Medic Footprints can help as well.
We will be running workshops on Basic Accounting, Tax and Finance later this year or if you would like some one-to-one attention, then do get in contact with me at firstname.lastname@example.org.