Stumbling block to registering my services - Sole Trader or Limited Company
I've recently qualified and am looking to set up my business, ready to launch when current Covid-19 restrictions are lifted for therapists to continue their practice. Once I'm able to, I'll be offering mobile services. I've hit a stumbling block and would welcome any advice from members working in the field. Do I register my business as a Sole Trader or Limited Company?
I've done research and compared both extensively, and what I've arrived at is being a Sole Trader is less paperwork, more privacy re. personal details registered, but more tax paid and legal liability (but don't see how I'd fall into debt providing mobile massage services). Limited company pays less tax, but additional filing and your work/home address registered with Companies House and accessible to the public.
Any insights, advice and opinions would be greatly appreciated.
Replies
Congratulations on your qualifications, best wishes and continued success in setting up your business :)
It is fabulous to be strong and self reliant and takes courage to ask for advice from other peoples experience. Whenever I have reached a stumbling block, which is a great process for further growth, I have always found that going to an expert.....a professional in the particular field.... is ultimately the most helpful as they can guide you along with a deeper understanding and greater and up to date knowledge of their specialty. They will be able to give you the most effective and efficient route to follow for your highest and greater growth and wellbeing. I hope this is helpful :)
Hi Katherine,
Congrats!
I am an individual therapist, and I am set up as a sole trader.
There are few differences between being a Sole Trader or Limited Company. The main one is I do not employ anyone ie Limited Company, and not listed on Company House. Most individual Massage Therapists/Holistic Therapists go under Sole trader. Later down the line you can always change if required.
All the best :-)
Whoops! I meant Hi Dorito and not Katherine :-)
Hi Katherine and Elyane. Thank you for reaching out with your advice and words of encouragement. I've decided to go down the Sole Trader route, so stumbling block overcome. Great to know there's a network within the CThA that supports newcomers to the industry...especially in these challenging times. Very much appreciated.
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