Should You Be A Limited Company, Or A Sole Trader?

As of April 2011, the rate of tax levied on Limited Companies with a turnover of up to ?300,000 (corporation tax) is the same as the basic rate of income tax - 20%. Class 2 National Insurance Contributions were increased in the 2012 budget, and this should prompt sole traders to review their business structures and look into how they can reduce the amount of tax that they pay.

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