Posted in Startup

Sole, partner, Ltd? Decision time.

For some people it is quite easy, set up as self employed. Sorted.  Wait over a year to do a self-assessment, can do it all online, just keep incomings and outgoings.  Yes it can be that easy!! Obviously getting business clients, marketing, plans etc is hard work and you do need to work hard to ensure your business is a success however, the HMRC bits are not that bad or as tough as you may assume.  (We all know what assume stands for…….)

Others may have an idea between them so partnership makes sense, I have to admit, I would work better as a partner as sometimes I need someone to kick my arse.  You know those days where you just can’t be bothered and procrastinate – normally on Pinterest or clean my house.  Yes, a new business can be such hard work it is like studying for an exam where suddenly you do other chores which you also normally avoid so your house ends up sparkling!

I like to be different and overthink things plus get advice from others.  I’ve been doing bookkeeping for over 6 years now and work with companies which have grown from self-employment to VAT registered Limited companies so have seen the pros, cons and benefits of each.  I also talked to a couple of accountants (yep, those scary ones who give that free advice I wrote about here!) who talk through with you what the pros and cons are – how much tax you would pay and why, how much you would need to earn or not earn to make each one better for you than the other.  Yes, they tell you this for free!!

So, after a couple of months I decided to set up as a limited company.  In the main this is because it’s not just me, you may have noticed this blog is called “our” business adventure.  It’s not just me taking the risk of the unknown it is the other half too.  My husband is a plumbing and gas engineer by trade but works full time however, on Saturdays he has done the odd private job so has been self-employed as a second job for ages.  So, we decided that we are a limited company, joint Directors with us both as employees.  It is a big risk?  Yes.  Is it scary?  You bet.  At the moment this list he best decision for us as a company and a household so I’m in charge of all the paperwork and keeping all accounts and details up to date so I can pass it all across at year end for sign off.

I know I need to put in a lot of hard work to make this work and I know that it will be tough however, I am an optimistic person who has goals and will achieve what I need to achieve which is to be successful and do what I enjoy.  Life is too short to be unhappy at work everyday – you spend more time awake at work than at home so it is so important that you enjoy what you do and like the people around you.  Yes, maybe a cliche and cheesy but you will find that the most successful people are the happiest as they are doing what they are meant to do.

Please note, when I say successful I am not necessarily talking multi-millionaires.  Yes, money always helps and that may be someones main aim which is fine but I am talking successful at life, enjoying every moment and living how you want to live.

 

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Author:

Owner of Starfish Organisers Ltd, an organiser for your home, work or when life changes.

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