If you are self-employed, you are basically your own boss. This was the topic of my podcast last week. Check it out if it you haven’t had a chance to listen to it, or need a refresher
In this episode of ‘I Hate Numbers’ I talk about tax and your self-employed business. I dive deeper in this week’s podcast and look at the difference and add some numbers.
Sole trader vs limited companies
There are approximately 3.5 million sole traders and 1.9 million limited companies in the UK alone. It seems right to look at these two ways to ruin your self-employed business, partnerships get a look in.
Tax and Choice of Business Structure
“Death, taxes and childbirth! There’s never any convenient time for any of them.” – Margaret Mitchell, Gone with the Wind.
You should not ignore tax when deciding which business structure. Tax is factor in your decision making.
Good to Know
Different business structures mean different tax consequences. The heavy lifting of reading the tax rules, how it works, how much and impact has bene done for you.
Being aware of how you are taxed, helps you plan for it, minimise it (legally of course) and not get caught out
Grab a coffee, make yourself comfortable, sit back and listen.
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In This Episode
- Understanding how the different taxes work
- Knowing the various taxes for sole trader’s and companies
- How you decide what is your best business structure for tax purposes
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive