No video
Limited company or sole trader? We help you decide.
Рет қаралды 3,342
Күн бұрынAre you running a small business or thinking about starting one? You’ll need to know if you should be operating as a limited company or as a sole trader.
Nicholas Campion, discusses the advantages of running as a sole trader and a limited company and helps you decide which structure is right for your business.
Blog article:
www.1stformations.co.uk/blog/...
Video content:
0:00 Intro
0:29 Should I be trading as a limited company or a sole trader?
1:03 What is a sole trader?
1:40 The advantages of trading as a sole trader
4:29 What is a limited company?
5:42 The advantages of trading as a limited company
11:40 How to convert from a sole trader to a limited company
12:31 Conclusion
Website: www.1stformations.co.uk/
Blog: www.1stformations.co.uk/blog/
Facebook: / 1stformations
Instagram: / 1stformationsofficial
LinkedIn: / 1st-formations
Twitter: / 1stformations
#SoleTrader #LimitedCompany
@anguspark2053 2 жыл бұрын
Wow I love the quality of the editing and all graphics! Excellent work
@1stformations 2 жыл бұрын
Thanks Angus - we aim to please. Are you a sole trader or do you have a limited company?
@kreisitsela2874 2 жыл бұрын
I love this video this is so comprehensive and now I know for sure that my choice for a limited company is the most suitable for me. Thanks 1st Formations and Nicholas! :)
@1stformations 2 жыл бұрын
Thanks Kreisi - why did you opt for the limited company option?
@bryanlopez8067 2 жыл бұрын
I hadn't considered the pros/cons of starting out a sole trader. Thank you 1st formations!
@1stformations 2 жыл бұрын
Our pleasure! We hope you found it useful.
@zouhir9093 2 жыл бұрын
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating
@1stformations 2 жыл бұрын
Thanks Zou - glad you liked our video. Do you have a preference as to be a sole trader or limited company, yourself?
@jent8497 2 жыл бұрын
Thank you for such an informative video, the differences are so clear now! Thanks Nick and 1st Formations!
@1stformations 2 жыл бұрын
We're glad you enjoyed it Jen. Have you checked out any of our other videos?
@samb3151 2 жыл бұрын
I love your videos because the way you breakdown the info is so helpful understanding the differences. Thanks! 👍
@1stformations 2 жыл бұрын
Thanks Sam - are there any other topics you would like to see us copy in our videos?
@darkdancer1983 2 жыл бұрын
So knowledgeable and sleek! Loving the professional production and expert advice 👏🏼
@1stformations 2 жыл бұрын
Many thanks Peter - we're glad you were impressed by our production quality. Are you a sole trader or do you have a limited company?
@lauram4848 2 жыл бұрын
Thank you for the informative video! This has made things so much clearer
@1stformations 2 жыл бұрын
Glad we were able to clear things up for you Laura. Are you a sole trader or do you have a limited company?
@1stformations 2 жыл бұрын
Thank you for sharing! Super informative.
@pchan9217 2 жыл бұрын
I was really confused about this, thank you for the clear explanation!
@1stformations 2 жыл бұрын
Thanks Pras - if you don't mind us asking, what were you confused about?
@robkeys2115 2 жыл бұрын
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating :)
@1stformations 2 жыл бұрын
Thanks for the praise Rob. Have you checked out any of our other videos?
@lesliekingsleyadu2036 2 жыл бұрын
Great video. Clear and concise explanations!👌🏾
@1stformations 2 жыл бұрын
We're glad you liked it Leslie. Have you checked out any of our other videos?
@ameliafrench3440 2 жыл бұрын
Very well balanced video on the pros and cons of each! Thank you 😊
@1stformations 2 жыл бұрын
Thanks Amelia - do you already have a limited company or are you a sole trader?
@ninawaller615 Жыл бұрын
So clear and concise!
@johncarpenter8651 2 жыл бұрын
Great video, very useful. Seems like a limited company is probably right for me!
@1stformations 2 жыл бұрын
Thanks John - how come a limited company is right for you?
@moekhan2392 2 жыл бұрын
Fantastic advice! Thank you ❤️
@1stformations 2 жыл бұрын
We're delighted that you found the video helpful. Is there anything you'd like us to cover in future videos?
@keziahcowan648 2 жыл бұрын
Great video - thank you! I think the protection from a limited company i definitely worth it!
@1stformations 2 жыл бұрын
Thanks Keziah - are you currently a sole trader thinking of becoming a limited company, or do you already have a limited company?
@moolatagumigwa3520 2 жыл бұрын
This is clear concise simply brilliant
@1stformations 2 жыл бұрын
We're glad you found it brought clarity to the topic for you Moola. Are you currently debating whether to be a sole trader or a limited company?
@latifazy1393 2 жыл бұрын
A great video, I like the way you break down the information to better understand the differences. Thank you!👍
@1stformations 2 жыл бұрын
Thanks for your kind words Latifa. Are you a sole trader or do you own a limited company at present?
@latifazy1393 2 жыл бұрын
@@1stformations Currently I own a limited liability company 😊
@1stformations 2 жыл бұрын
Brilliant! How's business going?
@latifazy1393 2 жыл бұрын
@@1stformations Oh thank you you are brilliant as usual and competent, while I am only a newbie in the business world 😇
@andrewross3622 2 жыл бұрын
Hmm...I didn't even know there was a difference tbh. Probably a good job I watched this first! Cheers!
@1stformations 2 жыл бұрын
Great - glad we cleared that up for you Andrew. Which one are you planning to go with?
@sandrakongo6419 Жыл бұрын
Well explained, thank you
@1stformations Жыл бұрын
Thanks Sandra. Are you intending to form a limited company?
@edpryce6179 2 жыл бұрын
Loving the red!
@1stformations 2 жыл бұрын
Nick aims to please! Any other colour preferences for future videos?
@graemedonnelly2039 2 жыл бұрын
This is an excellent video - and very helpful if you need help with the decision on what business structure you should use to operate your business. Do you have any plans to produce a video on how to form a limited company, explaining the process, how to choose a package and complete the company particulars?
@1stformations 2 жыл бұрын
Thanks for your kind words Graeme. We are indeed going to publish a video shortly on how to form a company, including an explanation of the process, how to choose the right package for you, and how to complete the company particulars to enable people to form a company. Make sure you subscribe to our channel so you don't miss it! Are you planning to form a limited company soon?
@hawkdene123 2 жыл бұрын
Cheers Nick! Limited for me
@1stformations 2 жыл бұрын
Great James - how come limited is the right choice for you?
@doriasalvador8581 2 жыл бұрын
Wonderful video. Please may I ask, "First Entries"?. Thanks
@1stformations 2 жыл бұрын
Thanks for your kind feedback! Sorry, can you clarify your question, please?
@kreisitsela2874 2 жыл бұрын
I love the outfit too :)
@1stformations 2 жыл бұрын
Thanks Kreisi - Nick aims to please! Any special requests for outfits for Nick in future? Haha!
@raagbaholou 2 жыл бұрын
Best company ever !
@1stformations 2 жыл бұрын
Thanks so much for you kind comment!
@cihaddutkun938 2 жыл бұрын
Great 👌🏻
@1stformations 2 жыл бұрын
Thanks Cihad. Do you have a limited company or are you a sole trader?
@cihaddutkun938 2 жыл бұрын
@@1stformations yes :) I have a limited company and I got my package from you :)
@cihaddutkun938 2 жыл бұрын
@@1stformations I also recommended you to my friends :) you are very successful
@1stformations 2 жыл бұрын
@@cihaddutkun938 That's great - thank you Cihad. What does your limited company do for a living?
@FirdavsiWebDev 2 жыл бұрын
If you are a non - uk residence, can you create a sole trader business from another country? If yes also can you also have these: * tax id in UK * physical address * physical bank account * uk phone number as a sole trader from another country. I mean does your company "first formation uk " offer these to non-uk residence
@1stformations 2 жыл бұрын
Thank you for your question Deep Sapce. 1st Formations does not provide sole trader services such as tax IDs, physical addresses, or physical bank accounts, etc. Our services are predominantly for limited companies. Sole traders generally have to be based in the UK, and a physical address will need to be one that you either work from for the majority of the business' time, or a full time residential address. We would suggest you may want to consider a UK limited company if you want to start a business in the UK, given the above. Would you consider doing this?
@FirdavsiWebDev 2 жыл бұрын
@@1stformations Yes, But I'm new to this LLC or LTD stuff and have no idea how things actually work. Some say online services do it as long as you pay but they'll leave you to the wolves when it comes to TAXES. If your company also supports or guides with taxes, like do I have to take anything from IRS (The Internal Revenue Service) , IRS is for US. But what about the UK Governments Tax stuff. If my business in online business, if I create and LLC or LTD in UK does it mean that I have to pay taxes for 3 countries UK, US and Turkey? I basically need an LLC or LTD for 1 person only, because I am working alone, if that's possible.
@1stformations 2 жыл бұрын
@@FirdavsiWebDev OK. UK ltd companies need to pay tax in the UK. However, the UK has double taxation treaties with some countries so that companies do not pay tax twice. To see a list of countries with tax treaties with the UK, click here: www.gov.uk/government/collections/tax-treaties Is this helpful?
@florentessissewa9815 2 жыл бұрын
❤️💓❤️❤️❤️
@1stformations 2 жыл бұрын
Thank you!
@hd131075 2 жыл бұрын
Is it easy to change from a limited company to a sole trader?
@1stformations 2 жыл бұрын
Hi Helen - the simple answer is, YES! Can we ask if your limited company is currently trading?
@hd131075 2 жыл бұрын
@@1stformations yes it is as Lady D's. That's brilliant as I think a sole trader is much more suited to my purposes for the business rather than a Limited company.
@1stformations 2 жыл бұрын
@@hd131075 That's interesting Helen. Why does a sole trader setup work better for you?
@hd131075 2 жыл бұрын
@@1stformations Basically as I don't have enough business to warrant a limited company. I run a bespoke jewellery business and dog walking. I set up a limited company in the first instance as I knew people trusted the limited name. However, my customers aren't really interested in my company set up only the task in hand. I feel a sole trader would be much more suitable for the amount of work I get per annum but I don't know how to change my limited company to a sole trader. Can you help me please?
@1stformations 2 жыл бұрын
@@hd131075 OK - we can. In the first instance, can you tell us if your limited company has traded in the last 3 months? I am guessing it has?