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Many people would like to penetrate the UK market as a sole trader. Yet, there are more benefits of incorporation UK for business owners, compared to being sole traders.
One benefit of UK limited company incorporation is that you will pay less personal tax than a self-employed sole trader.
To reduce the National Insurance Contributions (NICs) payments, a small salary can be taken from the business, and in the form of shareholder dividends, more income can be taken out of. Dividend payments are not subjected to NICs payments as they are taxed separately for a Limited Company which means you could have more earnings from your business.
Moreover, another benefit that a sole trader doesn’t have access to is a Limited Company that allows the owner to fund the owner’s executive pension while claiming it as a legitimate business expense. Tax efficiencies are great benefits of company incorporation in the UK.
Read more: How to start a business in UK for foreigner
By having a registered limited company, it will gain its own distinct entity that is separated from the company owner. Any financial losses made by your business will be paid off by the company rather than you personally. This means that your own personal assets will be protected if the business faces any risks.
Another huge benefit of incorporation in the UK is that your business name is protected by UK law. Without your permission, others can not trade under your registered company name or a similar name in the same business sector. Therefore, your customers will not be confused or taken away by your competitors.
Your UK limited company incorporation will benefit your business from a more professional image. This can help to build customer trust in your products or services and also give you more opportunities to cooperate with the potential partners.
Besides, you can ask for funding from investors with a limited company status more easily compared to as a sole trader.
These are significant benefits of incorporation in the UK that you should consider when thinking about how to expand your business into the UK.
If you need advice or assistance to set up a UK company, contact us now at [email protected]. We are experts in providing business consultancy and corporate services. Just let us know, we will assist you to achieve your business goals.
We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.
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