I am looking into the tax differences between soletraders and limited companies.
I understand that as a self-employed soletrader and an employer, I may be liable to making class 1 secondary, class 1a, class 2 and class 4 NICs.
However, I also understand that if I were to incorporate, I would no longer be self-employed or an employer, but an employee of the company (as a director).
Would this therefore mean, that after incorporation, I am no longer liable for class 1 secondary, class 1a, 2, and 4 NICs.
Or would I still have to make these contributions as a director 'on behalf' of the company.
(or am I completley mistaken about everything.)
Any help would be very much appreciated.
Thank you very much.
I shall look forward to replies.
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