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🔗 The UK Government’s Company name availability checker:
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🔗Set up as a sole trader: step by step:
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🔗Set up a limited company: step by step:
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In this video, I’ll walk you through the key differences between being self-employed and forming a limited company in the UK, helping you decide which structure best suits your business. I’ll explain the impact on taxes, personal liability, and administrative responsibilities for each option. You’ll learn how being a sole trader offers simplicity and full control, but also exposes you to personal financial risk, while a limited company provides legal separation and asset protection, though it involves more paperwork. I’ll also discuss tax implications, debt responsibility, and how each option affects your business’s potential for growth and investment. Finally, I’ll recommend tools like 1st Formations to make setting up a limited company smoother. This video is essential for entrepreneurs deciding how to structure their business for the future.

00:00 Introduction
01:46 What’s the Difference Between Being Self-Employed and a Limited Company?
04:59 How Does Tax Work for Self-Employed vs Limited Companies?
07:51 Who’s Responsible for Business Debts?
09:29 How Much Paperwork Do You Want to Deal With?
11:02 Which Option is Better for Your Earnings and Growth?
12:33 Which Structure Suits Your Business?
13:39 Conclusion

✍Disclaimer:
This video is for informational purposes only and does not constitute legal advice. The information provided in this video is intended to give you a general overview of the process of forming a company in the UK. However, the specific requirements and procedures may vary depending on your circumstances, the type of company you intend to form, and other factors.
It is strongly recommended that you seek professional legal advice from a qualified attorney in the UK before taking any action based on the information in this video. Failure to do so could result in legal or financial consequences.
The creator of this video is not responsible for any errors, omissions, or inaccuracies in the information presented. Additionally, we cannot guarantee the accuracy or completeness of the information provided by external sources or links mentioned in this video.
Please note that laws and regulations can change over time. It is your responsibility to ensure that you are complying with the most current laws and regulations when forming a company in the UK.

This video Contains public sector information licensed under the Open Government Licence v3.0.

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