{"id":8401,"date":"2011-04-05T10:23:09","date_gmt":"2011-04-05T10:23:09","guid":{"rendered":"http:\/\/www.clearbooks.co.uk\/?p=8401"},"modified":"2018-11-13T10:47:09","modified_gmt":"2018-11-13T10:47:09","slug":"why-are-you-a-sole-trader","status":"publish","type":"post","link":"https:\/\/www.clearbooks.co.uk\/blog\/why-are-you-a-sole-trader\/","title":{"rendered":"Why are you a sole trader?"},"content":{"rendered":"<p>From <strong>1<sup>st<\/sup> April 2011<\/strong> the tax paid by small limited companies (corporation tax) will be the same as the basic rate of income tax \u2013 20%.<\/p>\n<p>In addition the increase is Class 4 National Insurance should prompt sole traders to review their business structures for potential tax savings.<\/p>\n<p><strong>Why are you a sole trader?<\/strong><\/p>\n<p>Starting a business is a tough process. Maybe you decided to be a sole trader as there was less formality and paper work involved in the set up.<\/p>\n<p>The decision on your appropriate business structure is not an easy one \u2013 it certainly isn\u2019t a \u2018one size fits all\u2019 answer.<\/p>\n<p>Your personal circumstances should determine your choice and only you can decide the appropriate structure.<\/p>\n<p>Putting aside the misleading perception that a limited company gives you greater status or credibility then, in my opinion, there are <strong>two major issues<\/strong> to consider in deciding your business structure:<\/p>\n<p><strong>Limited or Unlimited Liability<\/strong><\/p>\n<p>As a sole trader there is no distinction between you and your business.<\/p>\n<p>You do not need to have a separate business bank account.<\/p>\n<p>All the debts of the business are your debts.<\/p>\n<p>If the assets of the business do not cover the debts then your personal assets could be used to pay the debts \u2013 including your house!<\/p>\n<p>The debts of a limited company belong to the company, which is a separate legal entity.<\/p>\n<p>Except in cases where personal guarantees have been given, your personal assets will <strong>not<\/strong> be used to pay the debts of the company.<\/p>\n<p>Maybe this is a more attractive proposition than a sole trader or unincorporated business structure.<\/p>\n<p><strong>Tax<\/strong><\/p>\n<p>The second reason for a limited liability business is based on tax savings.<\/p>\n<p><strong>Tax as a Sole Trader<\/strong><\/p>\n<p>As a sole trader you pay the following:<\/p>\n<ul>\n<li>income tax on profits over your personal allowance, assuming no other income<\/li>\n<li>Class 2 National Insurance at \u00a32.50 \/ week<\/li>\n<li>Class 4 National Insurance on profits over \u00a37,225 at a rate of 9% up to \u00a342,475 and 2% thereafter<\/li>\n<\/ul>\n<p>If your profits are below the personal allowance of \u00a37,475 then in all likelihood it would be better to operate as a sole trader.<\/p>\n<p>You will pay no income tax and will only pay a very small amount of class 4 national insurance if your profits are over \u00a37,225.<\/p>\n<p>If you profits are below \u00a35,315 then you can also apply for an exemption to class 2 National Insurance.<\/p>\n<p><strong>Tax as a Limited Company<\/strong><\/p>\n<p>A limited company pays corporation tax at 20% on its profits (up to \u00a3300,000 where the rate rises).<\/p>\n<p>Profits can be withdrawn from the company by way of a salary for the director(s) and dividends for shareholders. Again this assumes that the directors \/ shareholders have no other income. Try this <a href=\"https:\/\/www.incometaxcalculator.org.uk\/salary-calculator.php\" target=\"_blank\">salary calculator<\/a> to see how&nbsp;salaries are taxed.<\/p>\n<p>So which is best?<\/p>\n<p><strong>This can be shown by an example\u2026<\/strong><\/p>\n<p>Say your business has profits of \u00a315,000<\/p>\n<p>You have no other income<\/p>\n<p><strong>Tax as a sole trader would be:<\/strong><\/p>\n<p>Income tax (\u00a315,000 \u2013 7,475) at 20% = \u00a31,505<\/p>\n<p>Class 2 National Insurance (\u00a32.50 x 52) = \u00a3130<\/p>\n<p>Class 4 National Insurance (\u00a315,000 \u2013 7,225) at 9% = \u00a3700 (rounded)<\/p>\n<p>Total tax \u00a32,335<\/p>\n<p><strong><em>So profits after tax are \u00a312,665<\/em><\/strong><\/p>\n<p><strong>Tax as a limited company would be:<\/strong><\/p>\n<p>Pay a salary of \u00a3589 \/ month = \u00a37,068<\/p>\n<p>See here for more information:<\/p>\n<p><strong><em>Do you pay a salary of \u00a3476 \/ month \u2013 increase it to \u00a3589 \/ month from April 2011<\/em><\/strong><\/p>\n<p><a title=\"Cheap Accounting Blog\" href=\"http:\/\/www.cheapaccounting.co.uk\/blog\/?p=1462\"><strong>http:\/\/www.cheapaccounting.co.uk\/blog\/?p=1462<\/strong><\/a><\/p>\n<p>This is an allowable expense from the profit.<\/p>\n<p>So the profit becomes \u00a315,000 \u2013 7,068 = \u00a37,932<\/p>\n<p>Corporation tax on the profit is 20% = \u00a31,587 (rounded)<\/p>\n<p>The profit of \u00a37,932 is distributed from the company as a dividend and no further income tax is due on the dividend as the total income is below the higher rate threshold, see here for more details:<\/p>\n<p><strong><em>Limited company director \u2013 Do you know what your take home pay could be!<\/em><\/strong><\/p>\n<p><a href=\"http:\/\/www.cheapaccounting.co.uk\/?p=1507\"><strong>http:\/\/www.cheapaccounting.co.uk\/blog\/?p=1507<\/strong><\/a><\/p>\n<p><strong><em>So the total available after tax is the available profits + salary \u2013 corporation tax = \u00a313,413 <\/em><\/strong><\/p>\n<p>So at profits of \u00a315,000 you would be better off as a limited company to the tune of <strong>\u00a3748<\/strong>.<\/p>\n<p><strong>If your profits are higher the savings may also increase!<\/strong><\/p>\n<p>Some may argue that this would be wiped out by an increase in accounting fees \u2013 I usually respond with \u201cnot if you are using CheapAccounting.co.uk\u201d !<\/p>\n<p>One final thing\u2026.<\/p>\n<p><strong>Sell your sole trader business to your limited company<\/strong><\/p>\n<p>There may be the opportunity to sell your sole trader business to your limited company.<\/p>\n<p>In doing this you may realise significant tax savings.<\/p>\n<p>It would be inappropriate of me to give a specific example here as the savings are absolutely dependent upon your circumstances.<\/p>\n<p>So my advice is to get someone to review your circumstances and work out a specific projection for you.<\/p>\n<p>You may be surprised at the result!<\/p>\n<p><strong><em>As always it is recommended that you get advice specific to your circumstances. The above are examples only and should not be relied upon.<\/em><\/strong><\/p>\n<p><strong>Next Steps<\/strong><\/p>\n<p><strong>Why not check how much you could save in tax by converting to a limited company \u2013 contact your current accountant or us for a no obligation chat.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1st April 2011 the tax paid by small limited companies (corporation tax) will be the same as the basic rate of income tax \u2013 20%. In addition the increase is Class 4 National Insurance should prompt sole traders to [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":24154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-8401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why are you a sole trader?<\/title>\n<meta name=\"description\" content=\"Accounting partner Elaine Clark has shared her views for why people become sole traders and advice for those in business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.clearbooks.co.uk\/2011\/04\/05\/why-are-you-a-sole-trader\/\" \/>\n<meta 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