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Our client is in employment with a company to which he is unconnected (other than as an employee) and his salary has now risen to £34,000.
About three years ago, he formed a limited company to sell software that he had written himself and the profits from this business are averaging about £7,000 p.a.
The company's balance sheet consists of office equipment at £2,000 and director's account at £2,000, with no other significant assets or liabilities.
Our client is in employment with a company to which he is unconnected (other than as an employee) and his salary has now risen to £34 000.
About three years ago he formed a limited company to sell software that he had written himself and the profits from this business are averaging about £7 000 p.a.
The company's balance sheet consists of office equipment at £2 000 and director's account at £2 000 with no other significant assets or liabilities.
We are considering whether to disincorporate with the trade in future being carried on by my client as a sole trader. Any advice regarding the principles and practicalities of going about this change from both a personal and corporate point of view would be gratefully received.
Query T16 745 — Developer.
Reply by A.N.A.:
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