The 12 Days of Starting Your Own Business. Day 3

Day 3 in our a series of articles covering some of the main considerations if you’re thinking of setting up your own business.

For some, the decision on how to structure their business is driven by how they want to extract the wealth from it, and the taxation consequences. Limited companies allow for you to take a wage, or pay a dividend. A sole trader would have their profit as their income. The tax rules and rates for these aren’t the same, so an important thing to consider early on is how much you think you’ll want to pay yourself from the business (assuming of course that the business goes well and you can afford to do so). There’s no easy answer to this without knowing some facts and figures but feel free to contact us if you’d like a discussion about your options.