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bigduckontax, Accountant
Category: Tax
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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: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months 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 10 months ago.
I'm registered as self employed and operate a Ltd company.
Expert:  bigduckontax replied 10 months 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 10 months 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 10 months 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 10 months 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 10 months 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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