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Regarding advantages of setting up as a limited company I agree with SSSAlfa, the only real benefit you get is savings on national insurance. With a limited company you’ll have to file company accounts annually. This is the extra paperwork and although you can do this yourself you probably wouldn’t and you’ll have an accountant to do this for you. Being self employed means you only have to file your tax return annually (you will still have to do this even if you have a limited company as you’ll probably be taking dividends).