Hi, I'm working on a project to do with virtual classrooms which I'm close to releasing and hopefully gonna get a bit of money out of it.
I'm just not sure whether or not I should create a company or register as a sole trader. I do want to be legally safe but at the same time I'm not sure how much hassle there is in starting and maintaining a limited company. Any advice or thoughts would be much appreciated.
Thanks
Hi - I've run my work through a UK limited company for several years and there really isn't that much hassle involved, especially if you're not trading yet - companies house declarations etc. There is a steady drip of small costs involved in setup, nothing too drastic though.
However I'd suggest asking around for a decent local accountant and/or see what business advice your local council/whatever can offer. They'll be more than happy to listen to your specific situation and advise accordingly in my experience. If you're not 'live' yet you could declare your limited company dormant to HMRC for example, although there are gotchas when it comes to what HMRC consider covers this! You could always start as a sole trader and then switch. There's a bunch of info on the gov.uk sites as I recall too.
Thanks. Yeah I think I'll just start as a sole trader for now and see how things go from there