An aspiring entrepreneur and millionaire, Akhil Turai is a rocket scientist who is currently working on 2 startups that are based in Engineering and Space sector. These companies will begin their operations in the year 2021. So far, whatever is known about the 2 companies is that they will work to develop the developing nations, in addition to solving majority of the troubles related to the outer space.
Some of the tasks that Akhil Turai intends to do through his companies will be to clean the junk in outer space and to find some efficient solutions for future space launch vehicles. That being said, this entrepreneur is set to become the next Elon Musk of this century, working strongly in the field of space and making it accessible for the public too.
In addition to working in the space and engineering sectors, the millionaire also has his eye set on the field of medicine. Once the 2 projects will take off, he is planning to enter this segment as well and bring revolutionary changes in this field.
Akhil Turai has also patented a new technology that can widely revolutionize the daily lives of the people, making much greater impact than what Amazon and Google has at the current moment. All of these plans about the latest technology and whatever he is planning to do in the near future would be disclosed to public next year. 2020 will be the year when the world will come to know who Akhil Turai is, and how he is set to change the lives of people in a better way.
In his free time, Akhil Turai loves to travel around the world. So far, he has already covered 6 out of the 7 continents under his belt, traveling to around 50 countries already. He is also a big time foodie, always looking forward to try new food. And that is pretty evident from the fact that he has traveled 50 countries already.
Foming a Limited Company in UK has Become Easy Now
It is a big decision to take to go from being self-employed to becoming the director of your own Limited company. Being a sole trader may be a good way to run a business. But there are many advantages of taking your business a step further while operating as a full-fledged limited company.
In the UK, setting yourself as a self-employed sole trader is a simple process, but it has some conditions. That is why thousands of new sole traders are choosing to open a limited company each year. To register online with HMRC for self-assessment, you need a personal tax code reference number.
If you are earning more than 1,000-pound sterling between 6 April of one year and 5 April of the following year, you can set yourself up as a sole trader. Further, you need to prove your self employed to claim Tax-Free Childcare. In addition, you also need to make voluntary Class 2 national insurance payments to qualify for the benefits of being the sole trader. There are so many conditions for the sole trader, hence it will be a good decision to open a limited company rather than going for a sole trader.
There are many advantages of incorporating a UK company after going through the company formation process. It also involves a little more work than simply registering as self-employed. Financial and statutory administrative duties to run the limited company enables you to gain many advantages of having a limited company status.
Paying tax as a self-employed could bring you financial crisis sometimes. But as a registered limited company owner, you have to pay less personal tax than a self-employed sole trader. As you will be the director of your company, you can select to take a small salary from the business and then can take more income in the form of shareholder dividends. By doing so you can reduce the amount of National Insurance Contribution which you need to pay.
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