James said “I had this idea of making bespoke, safe and reliable children’s mud kitchen’s, having seen the rough and ready ones currently on the market.The problem was what kind of business model would best suit my needs, given this was a new, untried venture. I wanted something that gave me the minimum paperwork and regulations, knowing full well my business would already be a time consuming labour of love”.
“Registering as a sole-trader costs me nothing, and accounting costs and tax liabilities were likely to be cheaper than if I started a limited company. I like the idea of being responsible for my own profit and indeed any losses. As I grow and take on more liabilities it may be worthwhile to switch to a limited Company but at this stage a simple structure, with a simple tax return, suits my needs”
Get Started have provided advice and help to 1000s of businesses in Blackpool. Our team are here to help you with the questions you have about starting a business.
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