How to decide what business to start -

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Self-employed

Maintains individuality working, accepting the risks and drawing benefits.
May or not have starting capital such as cash, tools and equipment.
Profits may be added to capital and drawings deducted, although private and business matters must be kept separate.
No legal obligation to open a business bank account.
HMRC inspects accounts occasionally and investigates if tax is underpaid.
Unlimited responsibility for the business debts; a self-employed may have to sell his personal belongings.
Legal obligation to complete and file Self Assessment Tax Return SA 100.
HMRC calculates NI and tax liability after deduction of Personal Allowance 12,570-2023/24; tax applies:20% for income to £37,700, 40% for income between £37,701 and 125,140, and 45% when above £125,140.
Profits are calculated after deducting tax-allowable business expenses from income and payment of liabilities and tax

Individuality is lost, as a limited company is a separate entity.
Starting capital is in shares; may or may not have tools and equipment.
Capital must be kept separate from profits and not be withdrawn except under exceptional circumstances under the Company Act 1985.
Must open a business bank account as limited company is a separate legal entity.
Accounts must be annually audited if company is not exempt (dormant)
Responsible for the debts solely to the number of unpaid shares they initially agreed to be liable.
Legal obligation to complete and file Corporation Tax Return – CT 600.
HMRC does not calculate Corporation Tax liability. The main rate is 25% on profits above £250,000, small profits rate – 19% on income to £50,000, and marginal rate of 26.5% on income above £250,000.
Profits in the form of dividends are paid to the shareholders after deduction of tax-allowable business expenses and liabilities and payment of Corporation Tax.