Calling all self employed

So excel it is. Thanks team.

I have not considered becoming a director of your own limited company. What are the requirements? I fit the definition of sole trader perfectly.

If you form a limited co you pay yourself mainly thru dividends and end up paying less tax

and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there

but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)

If you are just starting out then I would say stay as a sole trader you can then create a company later.

Just remember you will need to complete annual returns and file accounts if you are a company ( however, under small company exemption they are particularly nothing). It's all simple stuff you can do online at Companies House. If you forget you get fined, so its down to you to remember.

comment by The Kaiser's Trainers (U5676)
posted 31 minutes ago
If you form a limited co you pay yourself mainly thru dividends and end up paying less tax

and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there

but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)
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it is only beneficial, if your T/O is over £70k per annum
otherwise more headache than it's worth

Depends really on your investment - you could always buy software that makes it easier but if you've only just started as you mentioned I'd stick to excel. Very basic and easy to use. It can be created to suit your own needs far better than some think.

As for sole traders there really isn't as much red tape or detailed submission of accounts as there would be for a company. A simple tax self assessment at the end of the year does usually suffice. (I'm an accountant )

why is my hiveage suggestion being snubbed? Its really easy to use and its free?

Worth a try at least. https://www.hiveage.com/

hiveage looks quite good

they didn't show much on the expense/banking management side of things in the video though so it's hard to judge overall

I use a program my dad created years ago on Microsoft access so access if it's still about is worth a shout but for an easier version use excel.

Apple products are poor compared to Microsofts IMO.

Comment Deleted by Site Moderator

Why a sole trader? A limited company makes so much more sense If you're married make your wife a director...Then find a good accountant , also remember that as a sole trader you're liable for all debt the company racks up should it all go tlts up. With a Ltd Company all debt dies with the company.