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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4329
Experience:  FCCA FCMA CGMA ACIS
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I'm changing career paths from an IT consultant to a

Customer Question

I'm changing career paths from an IT consultant to a Personal Trainer. I am not sure of the best options to trade as a Fitness Personal Trainer. Can anyone offer some advise?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able help you with your question.

Are you already registered with HMRC as self employed?

Customer: replied 1 year ago.
I'm registered as self employed and operate a Ltd company.
Expert:  bigduckontax replied 1 year ago.

Then there is no change to the manner in which you currently operate. You will, of course, be aware that as a director, you are an employee per se and any emoluments drawn from the company must be made under PAYE arrangements.

I do hope that you find my reply of assistance.

Customer: replied 1 year ago.
I'm currently an IT contractor getting a daily rate.Is it best for me to stay working through a Ltd company or sole trader?
Expert:  bigduckontax replied 1 year ago.

My personal opinion is that you are safer working through a limited company. Th company being, a separate legal entity, places a buffer between you and your business should you become involved in a personal liability claim.

Customer: replied 1 year ago.
Ok Thank you. If I offer different services within the same sector, is it best to keep these all under the same Ltd company or have multiple Ltd companies.
Expert:  bigduckontax replied 1 year ago.

The choice is entirely up to you. Company Articles are so widely written these days to permit any legal activity. If you operate multiple companies you have to factor in the administrative effort involved. If operated as a company group there may be taxation advantages as losses can be set against surpluses throughout the group. The easiest way is simply to use one company.

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