10 x ADVANTAGES of a Limited Company | Starting a Ltd Company UK

The ADVANTAGES and DISADVANTAGES of setting up a private Limited company. What are the benefits of opening an Ltd company when starting a new business and how does having a Limited company compare vs being a sole trader? I have been running Ltd companies for over 10 years and in this video, I share with you the real-world advantages and disadvantages of Ltd companies. Advantages of Private Limited Company: • Limited Liability (Personal and Business Finances Separate) • Professional Image • Name Protection • Potential Tax Savings • Basic Salary + Dividends (Link to Directors Salary 2020/2021 Below) • National Insurance Avoidance • Pension Contributions are Tax Deductible • Income Can Be Spread Over Multiple Years • Easier to Sell Disadvantages of Private Limited Company: • More Complex Accounting / Administration Requirements • Higher Accountancy Costs • Annual Accounts • Annual Corporation Tax Return • Annual Confirmation Statement (£13) • Payroll and RTI • Directors Details & Company Financials Available for Public Viewing • Self-assessment Mandatory for Directors How to Pay Yourself as a Ltd Company - Directors Salary 2020/2021: Are you thinking about setting up an ltd business? What are you thoughts on sole trader vs limited company? Let me know in the comments!