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Converting a limited company to sole trader? -
07-02-2006, 07:36 PM
Hi,
Don't Know if you can all help me (i've made a business mistake i think). I registered my company as a limited company having had some advice and taken on a couple of really good profitable clients. I was told this was a good tax efficient way to run business. However, after registering the company and everything that goes with a limited company, my clients that would have made it tax efficient have vanished. Can anyone tell me if there is a way i can change my business to sole trader without the huge headache and losing the business name etc? Basically if I'd got these clients, there'd have been enough money in the pot etc, but now there isn't. However I don't want to lose the business name as I like it and have started building a good reputation among clients and their clients. Please help me someone!! |
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Re: Converting a limited company to sole trader? -
14-02-2006, 09:08 PM
Luisa,
Following on from Joy, I would add that there may be some tax effects too. When a limited company ceases trading, if there are any corporation tax losses in the company (which you sound like you may have as a start up), these will be lost. Normally you would carry them forward to use against the future profits of the company. But the day the company ceases, they are lost, and cannot be used against profits from your sole trading. As ever, discussion with a professional adviser is recommended before you lose something that may be of use later. Mrbeancounter |
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Re: Converting a limited company to sole trader? -
23-02-2006, 07:43 AM
Hi Luisa,
I really agree with these 2 guys and I would recommend Joy to be your accountant or to use her service for advice. Take time out and organise to have a meeting with her. It will really help you out. The next thing is don't make a business decision from 1 or 2 unlucky deals. There are millions out there that you need to reach out to. Be patient. The Cavalierguy |
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Re: Converting a limited company to sole trader? -
23-02-2006, 01:17 PM
Thanks for your advice guys. I'm seeing a local business advisor next week who should be able to give me some valuable advice. I think I just hit a panic mode and started losing faith. I know I have to be patient but when pressure is being applied elsewhere it is sometimes hard to see the wood for the trees!
I know in my heart that business takes a long time to establish, and shouldn't expect overnight miracles. Even if I only turn over a little in my first year of trading, i feel that limited is the way i want my company to go. |
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Re: Converting a limited company to sole trader? -
15-03-2006, 11:33 PM
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