Be careful! Dont listen to the bit about "If you are a Limited Compan you are protected if it all goes wrong" this is smply not the case anymore since the Enterprise act, which made the Tax and Vat man no longer prefferential creditors. Dont forget. that as company directors, if it goes tits up, the official receiver and the DTI can still decide you were party to "Wrongful trading" for allowing the Ltd. Co to continue to run when it was in touble, and they can then do you for that as well! Be mega careful ok. But in general, I advisenearly all my clients to go Limited as it is much more tax efficient but then of course there are more compliance issues such as filing account 10 months after year end, filing anual returns etc, but I still personally think in the ajority of cases it is the best place to be! Hope that helps!
oh, also - ask you accountant about selling the goodwill on. It sounds as if you are already trading sole trader so there is sometimes goodwill that can be sold into the Limited company by the Sole Trader - your accountant WILL now about this and what I mean - ask the Question!