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Starting your own business

Monday September 2015

When thinking of starting your own business it can be difficult to decide whether to form a limited company straight away or not.

Taking all the pros and cons of Limited company incorporation into account, it is sometimes best to carry on a business as a sole trader in the early years. This situation may be particularly relevant if you envisage making losses in the early years of trading, because you can carry back losses made in the first four years against personal income of the three preceding years, often resulting in a substantial refund of tax becoming due. However, don’t miss out on the opportunity of forming a limited company later on when the benefits of company status may be more valuable, as profit increases.

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