As a start-up, one of the first things you need to decide is whether you should trade as a limited company or use the services of an umbrella company. You aren’t an accountant, so you’ll be forgiven if you feel overwhelmed by such a decision.
In the following paragraphs we’ll breakdown the key benefits of both options to help paint a clearer picture as to whether you should be limited or umbrella company. It is important that you seek the advice of an accountant before making a final decision.
The key differences between umbrella and limited
Both options are extremely different from one another, so it is vital that you understand the key advantages and disadvantages of both options before you are able to make a decision.
In a nutshell, the limited company route will see you incorporate your own limited company and become the director. You’ll be in charge of invoicing and the day to day running of the business (with the help of your accountant) and it is the most tax efficient way of trading, seeing you typically take home around 75% to 80% of your gross earnings.
I was talking to an older cousin during our annual family reunion on my paternal side. We talked about work environment and how she despised (yes, that’s the word she used) her former office. The atmosphere was always thick with tension due to her former boss’s tendency to bite everyone’s heads off whenever he’s not in the mood. She also didn’t like some of her co-worker’s penchant for gossip. They would gossip their heads off especially when the boss was not in the office. I told my older cousin that I could only imagine the negative vibe in the air in that work place. She said that it was worse than my imagination because words can never describe the bad vibes of that office.
I am in the middle of discerning what four or five core topics that I will focus on in this blog of mine. I have been writing on everything that comes to mind in relation to current events, working at home, and a sprinkling of reviews on products and services.
One thing I am sure of for now, I won’t stop writing about current events. So, that’s one core topic you will read about here. Of course, blogging will still be a core topic here, too. Those are two topics already. I believe I will also write about technology here. Not really detailed reviews of products or whatever but issues related to web hosting, the internet, WordPress, web development, a sprinkle of gadgets and services that I find will interest my readers.
I will think about this more because I need to be sure that I am capable of writing about the core topics of this blog. I will write about the final core topics in another entry.
Before anything else, let me tell you right away that I am not being paid to write this post. The following is my experience with my new web host…
I was with another web host when I started with this blog. But since I experienced several inexplicable and unreasonable downtimes with that web host, I started looking for a new one. I was afraid to transfer at first because I have several worries then:
Downtime – I am monetizing most of my blogs. I was afraid that it might take me 24 hours before I can transfer all my domains. THE TRUTH IS, it took me a couple of hours, if I remember it right, 5 hours to transfer the main domains. I did it on a weekend so there was little interruption.