The current pandemic has seen a lot of people going self-employed or forming their own limited company.
Whilst this is a positive step, it can be quite confusing to know what your new responsibilities are and what the tax implications of the new business are.
As a Sole Trader you will be taxed on the profits of the business and you must submit a tax return to HMRC.
With a Limited Company you will be taxed personally on any funds you withdraw from the Company either by way of salary or dividends. The Limited Company will then be subject to corporation tax on its taxable profits.
If you are in this situation and need assistance get in touch today.