In this episode, Shaz covers the main differences between a sole trader business and a limited companyHe shares an informative overview of the benefits and looks at some of the different reliefs and allowances that can be claimed through a sole trader business and a limited company
 KEY TAKEAWAYS
The accounts are simpler with a sole trader business and there is more flexibility to add partners
There is unlimited liability and you are personally responsible for any debts
Losses can be carried forward but allowances and reliefs need to be used
Finance and funding are lower for a sole trader business
A limited company is a separate legal entity
Do your remuneration planning and make sure you take out a salary
The more profitable you are the better a limited company will work out
A company car is a taxable benefit if you have a limited company
With a limited company, you can have alphabet shares with different rights
Articles of association have to be fit for purpose
BEST MOMENTS‘Look at the areas you can plan for’‘Most reliefs of allowances you either use them or lose them’‘The government is incentivising people to have electric company cars
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ABOUT THE HOSTShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.You can find Shaz on:
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