I have a client who wants to set up a product design business, initially working alongside his full time employment (he is happy there is no conflict of interest) and then going full time on his own. He is a higher rate tax payer
He has asked if it might be worthwhile initially to trade as a sole trader because he is likely to make a loss in his first few months up until 5th April 2015 then revenues are likely to start coming in at which point he would like to incorporate into a limited company. So he is thinking about setting initial losses against his other income to reduce tax this year.
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