The last Domino!
Is there any point in incorporating these days? This is a harder call now due recent taxation changes-☹ It is certainly less clear cut now but there are still some big advantages to trading as a Limited Company.
The limitation of liability itself is probably the biggest advantage. In a world where the mighty are falling this could literally save you from losing your home. How many businesses will be brought down by COVID 19? INTU for example the shopping centre owner has collapsed.
But how could this effect you? Every shopping centre has offices with grounds that need to be maintained and car parks that need to be hazard free. Who is going to pay for all the work that has been done? I am aware of one contractor that will be taking a VERY large hit as he doubts he will get paid. Will his business survive?
Imagine what could happen to your business if your largest client went bust without paying you? These are the questions you need to consider.
My recommendation is to think hard and talk to your accountant or solicitor. The world is very uncertain at the moment, so make sure you’re not the last one in a line of dominoes.
