August 14th, 2018.

Jobs for life tend to be a rarity in this day and age and this uncertainty has led to many people moving towards having more control of their own lives and finances.

Employers are more likely to look for people with a broad spectrum of work experience than they would have previously.

I remember first taking the dive into self-employment and I also remember setting up my first limited company. It was a scary time for me but, at the same time, the fear was mixed with excitement and I realised that I was making a decision that was right for me.

The different types of self-employment
It is important to define which is best for you before you start a business. It can affect thing like the tax rates that you need to pay, how you are able to take money from the company, your responsibilities and liabilities in the event of a loss as well as the paperwork that needs to be completed.

Sole trader
A sole trader is more straightforward self-employment. It can mean some extra risk to the business due to the fact that all business debts must be paid if it fails. It can also make you more personally accountable in the event of a lawsuit. As a limited company it is the company that is being sued but, as a sole trader, you yourself are being sued.

For the full story at smallbusiness.co.uk CLICK HERE.