Consultantcy should I be limited or not

Consultantcy should I be limited or not

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Hi I have recently left the sea after 40 years and have been offered a position consulting for a shipping company and an institute. I would expect around 180 days work per year on a flat day rate plus expenses. (There is considerable travel involved) The question I would like to ask should I register as a limited company or should I just remain self employed or a sole trader if that’s the way to refer to myself as an independent consultant. Also are there any particular advantages tax wise or with regard to liability in being a limited company rather than just self employed.

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Man of Kent
By Kent accountant
12th Apr 2012 14:42

Speak to an accountant

The answer really depends on your personal circumstances and would be best explained by an accountant in a face to face meeting.

Find one close to you and arrange to meet them, the first consultation should be free of charge.

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By frustratedwithhmrc
12th Apr 2012 18:48

It's not just a question of accounting

It is also a question of whether his proposed venture could benefit from Limited Liability, there are beneficial aspects to partnerships and also Limited Liability Partnerships.

Equally, if he intends working with agencies he might have difficulty without operating through a Limited Company due to Agency Regulations.

In short, a whole host of reasons - discuss these with an accountant.

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