There are benefits of going with either of these options. The best advice I can give is to have a chat with an accountant who will be better able to explain the pros and cons of each situation.
Going LTD has some pro's when dealing with tax and liability issues, but also comes with extra costs and considerations. e.g. Accountant costs for a LTD company are typically 3 times that of being a sole trader/partnership.
You may still get some good advice from people here, but I cant stress enough the value of a good accountants advice.
Even if you go down the sole trader route I would still use an accountant as they know the system and are pretty good at getting your tax bill down to the least amount payable.
I did my own accounts the first year, and things were ok and the tax office was happy. The next year I used a good accountant and they identified several things I had not even thought of to make some hefty tax savings, well worth the Â£400 accounting fee.
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