Hello there.
I am currently registered as a sole trader and have been filing a self-assessed tax return for the past 3 years, however this year my revenue has increased significantly, so I’m looking into what I’d need to do for the next tax year.
I was wondering whether or not there is a limit to income that can be earned as a sole trader before you should open an llc company?
I understand there may be small savings to be made by moving to a company once a certain level of income is generated, but is this mandatory? Or can you continue earning as a sole trader?
Taking the figure of £100,000 as an example, is it unusual for a figure this high to be put through a sole-traders self assessment?
Furthermore, I’d like to add that this increase in revenue is likely to drop again in 2021 and is likely a one-off tax return at this level, which is why I’m querying this.
Any guidance or insight is appreciated.
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