What are the pros and cons of shifting from sole trader status within the UK to a Limited Company?
Answers: The main pro or con, save for the seperate legal entity outlook of a limited company - which won't affect a successful operation, is that tons suppliers will feel dubious dealing near a newly established restricted company.
If as a sole trader you currently have a row of credit with diverse suppliers, this will be based on the relationship those supplier hold with you. Expect this to money with those, and for unknown suppliers to want a pay as you step situation when you move to a limited company. When the company have a record of nouns behind it, this may ably change.
Another pro & con is that a fixed company requires a certain smooth of external assistance, accountants at various times of the year, as economically as more than one person involved surrounded by the administration (directors, owners, secretary). A sole trader is lately you, on your jack.
Main benefit is that the company finances are seperated from your own, biggest pitfall is that anyone can view your accounts online!