Advantages of Operating as a Sole Trader

sole trader

ADVANTAGES OF OPERATING AS A SOLE TRADER

Setting up a new business requires quite a few decisions. First, you must determine if you are going to incorporate your business or operate as a sole trader. Sole trader businesses are the most popular means of starting up in the UK. Understanding the advantages of this legal entity could help you to make up your mind about which business formation you should choose.

Sole traders have complete control of their businesses. This means that you do not have to collaborate with anyone else in any of the business decisions that you make. This alone could be a good reason for choosing this type of business formation.

Sole traders are also generally closer to their customers. You have the opportunity to develop a more personal relationship, which is important to many consumers. Customers who are looking for personal services may prefer those of a sole trader over a limited company because they will feel that they will receive a much more personalised approach to those services.

Sole trader businesses are much easier to get started than limited companies. While setting up a limited company is not difficult, it does take more time and can cost more in the long run than a sole trader business. If you are operating as a sole trader, you do not have to register your company with Companies House and there are no official forms that you need to complete. You do need to inform HMR that you are going to be self employed and that you will be operating as a sole trader, however.

The costs associated with forming a sole trader business are also much lower than those of a limited company. You do not have fees to pay to Companies House and depending on the nature of your business, you may be able to set it up without any money out of pocket.

Sole trader businesses have fewer regulations and legal requirements to meet, as well. There are fewer statutory filing responsibilities, which means less paperwork for you. This also means that you will have less contact with regulatory bodies and you are not required to maintain registers like that of a limited company.

Sole traders enjoy much more privacy as well. A limited company must provide accounts that can be inspected by the public. A sole trader can keep his or her financial information completely private so your competitors will not be able to see how much money you are earning or learn any of the secrets to operating your business. Your personal details will also remain private.

As a limited company, you are required to publish details about your company, including the names and addresses of your directors. As a sole trader, no such information is required so you are free to operate your company without any inspection from outside sources. There are of course, disadvantages to operating as a sole trader as opposed to a limited company. Understanding all of the advantages and disadvantages is important in making your overall decision on how your company should be formed.

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Making Money Overseas – How to Do It

 

making money overseas

Making Money Overseas – How to Do It

On my blog I usually talk about balancing family life with work and working from home, so today is a little bit different.  This post is for the more adventurous amongst you.

In our lifetimes, most of us will never go away to another country for long enough to make a living for ourselves and thrive but the opportunity is definitely there.

There are endless opportunities across the world to build a career for yourself or even just to make some quick cash through the summer. You could be working as a bartender for a season, investing in property and then going into subsale HDB, or even blogging about your experiences for future visitors.

If you are feeling inspired to go abroad to make money this year, here are some of the ways you can do it:

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What is Wombling and How Can It Save You Money?

wombling

WHAT IS WOMBLING AND HOW CAN IT SAVE YOU MONEY?

So, recently I have heard a lot about wombling but didn’t fully understand what it was. Having done some research and tried it myself, I thought it was time to share with you exactly what wombling is and how it can save you money.

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10 Passive Income Ideas You Can Start Today

 passive income ideas

10 PASSIVE INCOME IDEAS YOU CAN START TODAY

Passive income has to be the ultimate goal doesn’t it?  To be earning a great passive income would be a dream and I am always on the look out for passive income ideas that I can try out.

I’m very lucky because I work from home, and some of the things I do to make money, generate a certain amount of passive income. My goal now is to grow that income.

So What is Passive Income?

Passive Income is where you are earning money after the work is complete, sometimes referred to as residual income. Think pensions.  When you retire, you no longer have to work but you have a regular income still coming in after your work is done.  That’s passive income.  That’s the dream.

As the retirement age in the UK is getting later and later, more and more people are looking for ways to create their own retirement income much earlier, me included.  Today I thought I would share with you some passive income ideas that you can try yourself.

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How to Declutter Your Home Fast

declutter your home fast

HOW TO DECLUTTER YOUR HOME FAST

Want to declutter your home fast? Feeling overwhelmed? I know how you feel!

It’s actually easier to declutter your home than you think.  It’s one of those jobs that we tend to put off because the thought of it is usually very much worse than the reality.  Or simply, we just don’t know where to start.

I have never liked clutter.  When I became a mom, the clutter seemed to pile up even more and the thought of clearing it just seemed like a huge mountain to climb.  The more stuff we accumulated, the more got shoved into cupboards and drawers!

Everything I read talked about spending 30 days decluttering….. that’s a whole month!  I have tried these decluttering challenges before and I lose momentum and don’t reach the end of the task so I feel deflated.

Anyone who knows me, knows that I will always look for the easiest and quickest way to do something, so spending a month decluttering my home wasn’t an option.  I want it done now!

So if you want to declutter your home, but you’re feeling overwhelmed, you’re not alone!

Today I will show you how to declutter your home fast. This means:

  1. You will believe you can do it
  2. It will be easy for you to actually get started
  3. You will actually finish
  4. There will be time to do it more regularly

So, are you in?

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