Why is it better to be a sole trader?

I was recently advised to remain a sole trader but didn't have enough time to stay and chat to the person. Any help would be very much appreciated.

 

I was told the same, its pretty simple really as a company you have to pay yourself and get taxed on that as well as getting taxed on your profits.

All the big bods in london that take home stupid amounts of money are all self emplyed/ sole trader.

 

I take it that being a sole trader is being a self-employed. If so, it can be good because you are in control of every aspect of your business. You do not need to answer to your shareholders or management. It's probably harder to grow being self-employed but growth is not always of great importance.

As for taxes are concerned, as long as you earn an income, being a sole trader or a corporation, you still be taxed. How you calculate the tax and the rates may be different but no just can run away from taxes.

 

Also, a LTD company has to do fairly extreme accounts which can be more in-depth than a sole trader.

This mans higher accountancy fees.