Are you unsure as to whether start your business as a sole trader or limited company? What are your views on which legal structure is most beneficial? Let us know in the comments below.
Hi can you please make a video on drop shipping i mean what taxes do a person need to pay in Uk if he wants to run a drop shipping business via shopify
@@shriradhashrikrishna8269 you seriously asked this when drop shipping is no different than any other business and it takes 2 minutes to Google search? Sorry dude you are bound to fail
until 25.000-27.000 sole trader after this Ltd simply as that,to open a business you need to have profits Ltd for just to showoff it's a mistake that you will pay by your own pocket
Hi Serkan, thank you very much for your positive comment. If you ever need specific accounting and tax assistance, please don't hesitate to reach out to us at the following link: calendly.com/aidhan/i-have-a-query-and-need-to-talk-with-an-accountant
Good Information Tony! Very clear, concise and precise. I am a foreign entrepreneur from South America. As a comment or a suggestion, you did not mention anything about offshore companies: advantages, risks, tax, liabilities and property security. It would be a good idea to make these comparisons among such companies, what do you think? Also, include your address for consultation. Thanks.
If you don't already have a limited company setup and you need to register for self assessment for the first time this year can you change your status between the time you register and the 31st January the following year ? or would it be better just to be a sole trader for the first year.
Hi. Just want to ask if I already have a limited company using it for a couple of years and then would like to add another business line which is totally different in nature under 1 limited company, how do I create it? At present I have 3 SIC registered, can I add another 3 SIC that is totally different? Thanks
Hi Paulo, so we can assist you with this request, why don't you book a 20 min discovery call which is free of charge. A qualified accountant can then help you in more detail. Book Here >>> aidhanfinancial.com/book-a-discovery-call
Tony: can you please revisit this analysis based on the tax changes in the 2022 autumn statement? It seems to me that, other than VAT maybe, there will soon be no benefit to having a Ltd Co as a single director. Accounting costs for a Ltd Co are also increasing rapidly..! Thanks in advance.
Hi, thanks for the info, I just started watching your videos, and I do enjoy them, My question is, how can someone protect digital assets by creating a limited company. In the current environment, which is not on the up, but with a long term vision in mind.
Jeez , help me. I paint for a company and work nights for private customers. I do Send invoices but my evening work isn’t regular. But I have caught attention of a lot of customers. So it’s picking up slowly.What do I do let HMRC know I do both or how ?????
Thanks for the great work with this video 😊 not sure if you've covered this in a previous video, but what kind of company (LTD?) would I need if I were to plan on starting a youtube channel, maybe sell digital/physical products in the future? And under what SIC number/nature of business? Thanks in advance
Very useful Information, thank you so much I will be following you everywhere you go now 😂. Please guide me on this👉 I'm in the Uk, I'm trying to set up my skincare business but still doing my research on handmade cosmetics regulations and company registration. And your content has given clarity in some areas. I'm also looking at running a RUclips channel as well to talk about my Products and give some free recipes. My question is do I have to register my RUclips name and my actual skincare brand name separately? for example I use XXW on RUclips and I have SSB as my brand name/logo, do I have to register both names separately? I'm sorry if I sound confusing, but I do hope you do understand my question. Thanks again.
Hello Tony, thank you so much for a very informative video. I have been doing accounts for my husband for his sole trader business for 5 years, recently his profit has exceeded more than 50k and we are thinking if switching to limited company. Do you think we can save some tax doing so please? Wondering which one will be more tax efficient? Thank you 🙏
Hi Ginnie, I would suggest that in general, once your sole trader profits > £30,000 per annum, then you should start weighing up incorporation to a Ltd Co. Whether in your specific situation it would be more tax efficient, would need to be evaluated.
Hi Tony right on time , when I needed you the most hahah... very helpful and you got my subscription and like too :-) I want to go into clothing business and they are asking me for seller permission , does it mean the sole trader or limited permission ? and if it can you get either one of them even tho I haven't started selling ? Thank you in advance
Hi I just read your comment and now I’m in same situation that you were 2 years back. Can you please advise and suggest then how you closed your company by clearing your above asking queries? Thanks
Hi Tony, nice and informative video. What if you have a job earning around £35,000 and also was a sole trader that was doing well but went Limited and due the market at a loss (Profits 2019 £333, 2020 £4790, 2021 was considerable due to covid) 2022 Went Limited but at a loss due to expanding premises but not making sales targets. I'm thinking of either closing the Limited company and go back to Sole Trader or I could keep the Limited company but work from home as I did before.
I am a trader of sweets confectionery products and handicrafts from India seek's your guidance for retail sales activities in Christmas shopping events in UK
@@tonydCFO hi I'm sole trader on my 2nd Yr tax period n now I recieved and paid NI class 2 but I've nt made any profit yet no customers since reg to HMRC as sole trader so why do I have to pay NI class 2? Confused 😕 if I reg as Ltd will I have to pay tax n Corp tax even no profits the end year period? Thx
Thanks for that valuable information. I have registered a dormant limited company for a while . However, I am planning to start my business as a sole trader before turning to that dormant limited company once my business is proven profitable. I have made sure my sole trader business has a different name to avoid any coalition with the dormant limited company. Was that a bad strategy on my part??? I'm now seriously concern about my strategy.
Hi Tino, for your question, we recommend you have a call with one of our accountants who can advise. The call is max 20 mins and free of charge. You can book here >>> aidhanfinancial.com/book-a-discovery-call
Hi Swami - if you cannot pay it back, then your LTD Co is at risk of becoming insolvent and therefore compulsory liquidation may be imposed by your creditors - I would advise you speak to your lender at your earliest in an attempt to re-structure the loan
I’m about to create a LTD company to buy property for BTL. Can you advise me that when incorporating the company WHAT IS the correct wording of the model articles have been incorporated regarding a sole director
Hi V LN - in most cases the model articles will suffice - there are many reasons as to why you may want to amend the articles, so it depends on how you want to structure things - best speak to a qualified accountant directly as time is needed to go through carefully
Thank you for the useful video. I'm about to move to the Uk to work as a freelancer. My plan is to work as a freelancer both in the Uk and Italy. Basically, being a woodworker, in the Uk I would work for another company while in italy I would make my own pieces for private clients. Which of the two options would fit better my needs? thanks a lot
Hi Mattia thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
Hi perfectpeace, there is no one size fits all to this. If you download the decision tool, then hopefully this can help you make an informed decision, based on your circumstances and objectives. I hope this helps.
Great videos but your website layout, navigation & CTAs need a lot of work! The user experience isn’t great especially on mobile devices. I went to download the checklist & there is no option to do so. Same for multiple articles, no links for pdfs. The static message you have placed with an image of yourself takes up too much of the page! You clearly give sound tax advice but you need a better web designer!
Are you unsure as to whether start your business as a sole trader or limited company? What are your views on which legal structure is most beneficial? Let us know in the comments below.
Hi can you please make a video on drop shipping i mean what taxes do a person need to pay in Uk if he wants to run a drop shipping business via shopify
@@shriradhashrikrishna8269 you seriously asked this when drop shipping is no different than any other business and it takes 2 minutes to Google search? Sorry dude you are bound to fail
I registered on ATA, could you share yax ordinance book of uk
@@spidermain lol solid response to trolls?
Yes, I'm unsure if to start as a LLC or sole trader.
as a 20 year old this is extremely helpful, i can’t believe you don’t learn this at school to be honest
So pleased you found this helpful, Joe!
Hi Joebsneakz IG, we tend to agree. Schools are too academic and fall badly short on financial skills.
Oh my god, please not this discussion about "school doesn't teach us taxes" again...
In school and college not point learn it . Gov program school shit . Just looking what best for gov but not for people… . Great video thank you 😊
Schools are there to create workers not entrepreneurs,
This guy should be a news caster. Brilliant delivery
Was showed this video at university, perfectly explained and delivered a clear understanding.
Nice video however. Where is the link to download the decision tool?
until 25.000-27.000 sole trader after this Ltd simply as that,to open a business you need to have profits Ltd for just to showoff it's a mistake that you will pay by your own pocket
Ltd mean that you have serious profits if you don't you will pay from your own account the Limited admin/accountant
Hi Tony. Thanks for all information you shared. Appreciate it.
Hi Serkan, thank you very much for your positive comment. If you ever need specific accounting and tax assistance, please don't hesitate to reach out to us at the following link:
calendly.com/aidhan/i-have-a-query-and-need-to-talk-with-an-accountant
The decision aide tool is nowhere to be seen by clicking that link.
Good Information Tony! Very clear, concise and precise. I am a foreign entrepreneur from South America. As a comment or a suggestion, you did not mention anything about offshore companies: advantages, risks, tax, liabilities and property security. It would be a good idea to make these comparisons among such companies, what do you think? Also, include your address for consultation. Thanks.
I can't seem to find the tool you discuss in your video?
The free decision tool isnt there, it just sends you to a blog that says the tool exists but it doesnt tell you how to download it though.
Thank you such a useful video and straight to the point 😊
You're welcome Sonia 😊
Starting a company seems way more technical, especially for a new comer
Hi how do i download the tool
Tony. I followed the link to you free decision tool download but cant find it?
clear and useful. Thanks
You're welcome Keith.
Very informative. Thank you.🙂
If you don't already have a limited company setup and you need to register for self assessment for the first time this year can you change your status between the time you register and the 31st January the following year ? or would it be better just to be a sole trader for the first year.
Awesome vid bud. Will definitely hit you up sometime.
You're welcome Send The Fire 😊
Hi. Just want to ask if I already have a limited company using it for a couple of years and then would like to add another business line which is totally different in nature under 1 limited company, how do I create it? At present I have 3 SIC registered, can I add another 3 SIC that is totally different? Thanks
Hi Paulo, so we can assist you with this request, why don't you book a 20 min discovery call which is free of charge. A qualified accountant can then help you in more detail. Book Here >>> aidhanfinancial.com/book-a-discovery-call
Great Video Aidhan
Thank you ENQ
Tony: can you please revisit this analysis based on the tax changes in the 2022 autumn statement? It seems to me that, other than VAT maybe, there will soon be no benefit to having a Ltd Co as a single director. Accounting costs for a Ltd Co are also increasing rapidly..! Thanks in advance.
Hi Kevin Syd thank you for the suggestion 😊 I will put this on the production roadmap and release an updated version soon
Excellent explainer video. Thank you! I'm off to use your Sole Trader V's Ltd Company score sheet. :)
Hi, thanks for the info, I just started watching your videos, and I do enjoy them,
My question is, how can someone protect digital assets by creating a limited company. In the current environment, which is not on the up, but with a long term vision in mind.
Good video , thank you
You're welcome Zayn.
Can't see to find the link to download the decision maker - any help would be appreciated
How do you dissolve a sole trader business?
If a sole trader business was dormant do you need to dissolve?
I've been sent here from school
Welcome to our channel Meaha
Extremely helpful video. Thanks for sharing your advice
Hi SandoTrini thank you for your positive comment and support 😊 I'm really grateful that my content is useful and adds value to you.
Subscribed, thanks 👍
Much appreciated Rizwan.
Jeez , help me. I paint for a company and work nights for private customers. I do Send invoices but my evening work isn’t regular.
But I have caught attention of a lot of customers. So it’s picking up slowly.What do I do let HMRC know I do both or how ?????
Can’t find the free download tool document
Thanks for the great work with this video 😊
not sure if you've covered this in a previous video, but what kind of company (LTD?) would I need if I were to plan on starting a youtube channel, maybe sell digital/physical products in the future? And under what SIC number/nature of business?
Thanks in advance
Very useful Information, thank you so much I will be following you everywhere you go now 😂. Please guide me on this👉 I'm in the Uk, I'm trying to set up my skincare business but still doing my research on handmade cosmetics regulations and company registration. And your content has given clarity in some areas. I'm also looking at running a RUclips channel as well to talk about my Products and give some free recipes. My question is do I have to register my RUclips name and my actual skincare brand name separately? for example I use XXW on RUclips and I have SSB as my brand name/logo, do I have to register both names separately? I'm sorry if I sound confusing, but I do hope you do understand my question. Thanks again.
Hello Tony, thank you so much for a very informative video. I have been doing accounts for my husband for his sole trader business for 5 years, recently his profit has exceeded more than 50k and we are thinking if switching to limited company. Do you think we can save some tax doing so please? Wondering which one will be more tax efficient? Thank you 🙏
Hi Ginnie, I would suggest that in general, once your sole trader profits > £30,000 per annum, then you should start weighing up incorporation to a Ltd Co. Whether in your specific situation it would be more tax efficient, would need to be evaluated.
If in full time employment and earning over £45k what do you recommend to go with?
Heyyy abit piste but your intro is awesome! How did you do the animation?
Hi taryn4080 thank you for your positive comment and support 😊 My video editor used Viddyoze to do the animation
Hi Tony right on time , when I needed you the most hahah... very helpful and you got my subscription and like too :-) I want to go into clothing business and they are asking me for seller permission , does it mean the sole trader or limited permission ? and if it can you get either one of them even tho I haven't started selling ? Thank you in advance
Hi I just read your comment and now I’m in same situation that you were 2 years back. Can you please advise and suggest then how you closed your company by clearing your above asking queries?
Thanks
Hi Tony, nice and informative video. What if you have a job earning around £35,000 and also was a sole trader that was doing well but went Limited and due the market at a loss (Profits 2019 £333, 2020 £4790, 2021 was considerable due to covid) 2022 Went Limited but at a loss due to expanding premises but not making sales targets. I'm thinking of either closing the Limited company and go back to Sole Trader or I could keep the Limited company but work from home as I did before.
do you have any idea of forming ltd for trading stocks and what accountant expertise do I need.. thanks for the video ^^
I am a trader of sweets confectionery products and handicrafts from India seek's your guidance for retail sales activities in Christmas shopping events in UK
Can I register sole trader company using national insurance number?
Because I don't have uk passport
What if my company does not make any money or lose money in the 1st year do I have to pay taxes ?
Hi Maria, if your Ltd Co makes 0 profit or losses, then no corporation tax is payable in that company year.
@@tonydCFO hi I'm sole trader on my 2nd Yr tax period n now I recieved and paid NI class 2 but I've nt made any profit yet no customers since reg to HMRC as sole trader so why do I have to pay NI class 2? Confused 😕 if I reg as Ltd will I have to pay tax n Corp tax even no profits the end year period? Thx
Thanks for that valuable information. I have registered a dormant limited company for a while . However, I am planning to start my business as a sole trader before turning to that dormant limited company once my business is proven profitable. I have made sure my sole trader business has a different name to avoid any coalition with the dormant limited company. Was that a bad strategy on my part??? I'm now seriously concern about my strategy.
Hi Tino, for your question, we recommend you have a call with one of our accountants who can advise. The call is max 20 mins and free of charge. You can book here >>> aidhanfinancial.com/book-a-discovery-call
So what ahppens if you as a business owner with LTD borrow a loan and you cannot pay back and you ltd is going to be bankrupt?
Hi Swami - if you cannot pay it back, then your LTD Co is at risk of becoming insolvent and therefore compulsory liquidation may be imposed by your creditors - I would advise you speak to your lender at your earliest in an attempt to re-structure the loan
I’m about to create a LTD company to buy property for BTL. Can you advise me that when incorporating the company WHAT IS the correct wording of the model articles have been incorporated regarding a sole director
Hi V LN - in most cases the model articles will suffice - there are many reasons as to why you may want to amend the articles, so it depends on how you want to structure things - best speak to a qualified accountant directly as time is needed to go through carefully
@@tonydCFO many thanks..
Thank you for the useful video. I'm about to move to the Uk to work as a freelancer. My plan is to work as a freelancer both in the Uk and Italy. Basically, being a woodworker, in the Uk I would work for another company while in italy I would make my own pieces for private clients. Which of the two options would fit better my needs?
thanks a lot
Hi Mattia thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
Hello Aidhan ,So I am starting a cleaning business, from the video, a sole trader is better right?
Hi perfectpeace, there is no one size fits all to this. If you download the decision tool, then hopefully this can help you make an informed decision, based on your circumstances and objectives. I hope this helps.
Need some big advise what do you charge for your service
Hi Mark - you can book a discovery call with my affiliated partner here >>> aidhanfinancial.com/book-a-discovery-call
Can't get the link for decision mate, just keeps taking me to a video.
Hi Frosty - sorry about this we had a few tech issues - should be fixed now if you want try again
What
Hi I can’t download the tool unfortunately is there any other way?
Hi Mina - sorry about this, a few tech issues - we'll get resolved asap
Hi Mina - our links have been fixed so you can try again
@@tonydCFO thank you :)
Great videos but your website layout, navigation & CTAs need a lot of work! The user experience isn’t great especially on mobile devices.
I went to download the checklist & there is no option to do so. Same for multiple articles, no links for pdfs.
The static message you have placed with an image of yourself takes up too much of the page!
You clearly give sound tax advice but you need a better web designer!
Hi Tony... The decision aide tool link takes me to a paragraph with no obvious links to the tool itself. Can you pop a link to the doc here at all?
No free tool
they can take the kids and good luck to them.
Iiulikk
yiur web links don work
Hi Kam - sorry about this, a few tech issues - we'll get resolved asap
Hi Kam - are links are now working again - thank you for highlighting this with us :-)