Business Structures

It’s vital on day one that you decide which business model you want to adopt. There are two options, each with its own pros and cons.

1.Provide your own particular service for a set hourly rate

2.Function more as a company would, managing an entire project on behalf of a client, buying in additional expertise/materials if required to deliver what they need - and then marking these services up and selling them on in order to generate additional revenue.

The main benefit of option two is a financial one, whereas the main benefits of option one are a simpler business model, no cash-flow issues and less liability if things go wrong. If you do choose option two then a limited company is almost certainly going to be your best bet, but you should still take advice from an accountant to be sure. Click the following link to find out more about the differences between operating as a limited company or as a sole trader.

The other factor to consider is whether you would be happy to work on your client’s premises as an employee would for a fixed period of time, or a set number of days per month - or whether you prefer to work from home. This latter option gives far more flexibility to work with multiple clients simultaneously and is generally what is known as ‘freelance’, whereas working on a client site would be more of a ‘contract’ arrangement.

If you do end up working on a contract basis, then Caroola can still provide all of the support you need. For example, whether or not the work you are carrying outfalls within IR35 legislation and what the implications of this would be.

If you have any questions about freelancing or would like any further advice please get in touch.

Do sole traders have a company registration number

In this simple guide, we’ll explain why sole traders aren’t given a Company Registration Number and answer other commonly asked questions on the subject.

Employing as a sole trader

Business is going well and you need another pair of hands to share the workload. You might be wondering if sole traders can employ staff. And if so, how do you go about it? Our guide explains more.

More resources

Choosing to set up as a sole trader or limited company can be a complicated task. Our guides are here to try and help you understand which is more suited to you. 

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