Personal Trainer - Sole Trader or Limited Company

As a self employed Personal Trainer you will have to decide as whether to trade as a Sole Trader or as a Limited Company. The choice is yours and isnt determined by your income.
There are pro’s and con’s to each, however if you believe you can trade profitably for 3 consecutive years (dont underestimate this feat), then you should definitely consider trading as a limited company as the future benefits of having 3 years profitable accounts on a limited company will leave you in a very good position should you wish to grow and expand your business interests.

So, lets look at both means of trading and lets see what the difference is….

Sole Trader - A sole trader is basically a business that is a business but isnt a limited company (whereby a limited company is a ‘Company’) (dont worry, its not really confusing)

You can start trading straight away as long as you notify the Inland Revenue within the first 3 months of you starting trading and you will be required to fill in an annual Self Assessment form. The Inland revenue can be reached by calling 08459 15 45 15
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