Incorporated or not - Page 2 at

Go Back   DV Info Net > And Now, For Something Completely Different... > Taking Care of Business

Taking Care of Business
The pen and paper aspects of DV -- put it in writing!

Thread Tools Search this Thread
Old November 8th, 2008, 12:53 AM   #16
Regular Crew
Join Date: Jul 2008
Location: Chichester UK
Posts: 167
Pros and Cons of forming a Limited Company in the UK

If you are a Sole Trader in the UK you have the option of forming a Limited Company. This can have tax advantages - significant ones; although these will be eroded by the initial cost of setting up the company and the on-going increased accountancy fees. Also, the bookwork is greater and you need a trusted partner to be Company Secretary. All the advantages of Limited Liability are there, giving the protection outlined in the postings above, but all that is no substitute for good Third Party Liability Insurance. The situation is fluid as the Inland Revenue lost an important case recently (it went as high as the Law Lords) where a small company was accused of exploiting the advantages of Company Law to avoid/evade (not sure which) Income Tax. Having lost, the Revenue is nursing its grudge, and so is the Treasury. Expect new laws soon to plug the loop hole.

'Less than an Art, more than a Trade'
Nick Flowers is offline   Reply With Quote
Old November 8th, 2008, 08:36 AM   #17
Inner Circle
Join Date: Sep 2002
Location: Vancouver, British Columbia (formerly Winnipeg, Manitoba) Canada
Posts: 4,086
Originally Posted by Bill Mecca View Post
the way I understand it, employees or not, is incorporating can protect your personal assets if you wind up being sued etc.
My accountant advised me AGAINST incorporating as most contracts for purchase or service now contain a proviso holding you PERSONALLY responsible, contrary to the "historic" protections that incorporating has provided. She believes the benefits are outweighed by the costs and "hassles" of filing both corporate and personal income tax, at least in my situation.

Again, keep in mind I'm in Canada and this is the OPINION of my accountant. Your mileage may vary.
Shaun C. Roemich Road Dog Media - Vancouver, BC - Videographer - Webcaster Blog:
Shaun Roemich is offline   Reply

DV Info Net refers all where-to-buy and where-to-rent questions exclusively to these trusted full line dealers and rental houses...

Professional Video
(800) 833-4801
Portland, OR

Omega Broadcast
(512) 251-7778
Austin, TX

(973) 335-4460
Mountain Lakes, NJ

Abel Cine Tech
(888) 700-4416
N.Y. NY & L.A. CA

(800) 238-8480
Glendale, CA

Precision Camera
(800) 677-1023
Austin, TX

DV Info Net also encourages you to support local businesses and buy from an authorized dealer in your neighborhood.
  You are here: DV Info Net > And Now, For Something Completely Different... > Taking Care of Business

Thread Tools Search this Thread
Search this Thread:

Advanced Search



All times are GMT -6. The time now is 12:54 PM.

DV Info Net -- Real Names, Real People, Real Info!
1998-2015 The Digital Video Information Network