I have had experience of "Self Employment" several times in my life, some good, some bad. Here is a brief discussion on them:
I have worked as a sole trader, on two occasions. I quite liked it. It is informal, flexible, and I suppose it is the very definition of "being your own boss". You need to keep on top of taxes and invoices, but in all, the overheads are lower than in LTD.
I was (for a very short time) in a partnership. I HATED it. My work ethic and his were incompatible. You're not really "your own boss" and I resented doing the majority of the work for only 50% of the profits.
While working as a contractor in IT, I was advised to become a Limited company. It is relatively easy to become limited - many companies will do the formation for you for around £100.
However, the overheads are much greater than
Well. Here goes. Nothing ventured, nothing gained.