Okay everybody.. i'm looking for advice/pointers comments about transforming the business from a sole trader to a Ltd company.
I'm already residing in some low key retail premises on a 6-year lease (3 year break) and therefore with contracts with BT, watercooler, electricity companies ect ect.
I want to change the Ltd because I wan't to grow and want to reduce the personal liability if things go wrong. I have been thinkin about it for a long time but in May had some serious cashflow issues which mean quarterly rent was 2 weeks late in June and can't risk unmanagement personal debt crisis if heaven forbid everything went crashing down.
So how easy would this be?
If I can transfer some contracts, payment facilities ect to the company and sell assets ect to it -- what about the contracts I cannot--? for example, my rent, can I setup a sub-lease between me and the company so its paid for by the company and therefore a taxable expense and then I submit the details of the rent I pay personally against income from company to ultimately submit a £0 profit tax return (I would be setup on PAYE for the company)........
I think i've made a big big big mistake signing commercial leases as a sole trader!! And opening myself up to vast risk!!!!!
Any adivse, comments ect welcomed...
I'm already residing in some low key retail premises on a 6-year lease (3 year break) and therefore with contracts with BT, watercooler, electricity companies ect ect.
I want to change the Ltd because I wan't to grow and want to reduce the personal liability if things go wrong. I have been thinkin about it for a long time but in May had some serious cashflow issues which mean quarterly rent was 2 weeks late in June and can't risk unmanagement personal debt crisis if heaven forbid everything went crashing down.
So how easy would this be?
If I can transfer some contracts, payment facilities ect to the company and sell assets ect to it -- what about the contracts I cannot--? for example, my rent, can I setup a sub-lease between me and the company so its paid for by the company and therefore a taxable expense and then I submit the details of the rent I pay personally against income from company to ultimately submit a £0 profit tax return (I would be setup on PAYE for the company)........
I think i've made a big big big mistake signing commercial leases as a sole trader!! And opening myself up to vast risk!!!!!
Any adivse, comments ect welcomed...