sole trader or limited company

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Hampshire
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Hi guys and gals
Just gearing up to set up on my own and just wondering what everyone else does.
Any advice or comments greatly recieved.
Linkyplumb
ps as you guessed by the name I will be running as a plumber/gas man.
 
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Have done both at various times. Sole trader less hassle re less paperwork in general.

One thing though: As a sole trader you cannot claim any unemployment benefit if you run out of work. You have to leave self employment and even then I believe it is many months to wait before you can claim.

Set up a limited company and I believe you can just resign as and when you wish.
 
Best place to ask is a proper accountant (not one of the 'bean-counting' types, a proper one who does give proper advice too).
There are cons and pros for both solutions, it depends mostly on your own circumstances and wishes.

You will get plenty of replies here, one promoting sole-trader, others - like me ;) - promoting Ltd. But again, it depends on your own situation so find a good accountant or contact Business Link in your area.
 
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re: Unemployment benefit and a Ltd Company - I'm fairly sure that if you make yourself unemployed, by resigning or taking voluntary rdundancy, you have to wait 6 months to claim.

So you'd have to sack yourself or make yourself redundant!
 
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