Shaz gives a great overview and the key information that anyone needs to make a decision about whether a limited company is the right structure to choose for their business
There are different business structures available and many people are not aware of the advantages of a limited company structure from being able to plan for inheritance tax to liability.
Along with the advantages Shaz also shares some of the possible challenges of the limited company structure meaning you can listen in and get a great overview
KEY TAKEAWAYS
The tax regime is lower for a smaller limited company than for an individual
You can plan for inheritance tax with a limited company with different types of shares
If you are a limited company you will pay less in corporation tax
When you own a property in your name, you are personally liable if something goes wrong
A limited company is a separate entity so if something goes wrong you are not personally liable unless you have given a personal guarantee
You can control what gets paid to you and when through both your salary and dividends with a limited company
A limited company will cost more in compliance costs and the level of regulation is higher
The rates for lending are usually higher and there are fewer lenders available to limited companies
How you manage and run a limited company is very different to being a sole trader or in a partnership
When you incorporate a company information is available in the public domain
BEST MOMENTS
‘Have the mindset to grow your business’
‘You can incentivise your children to want to be involved and grow the company’
‘In simple terms, you only get half the tax relief but a limited company can help you to overcome this’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
ABOUT THE HOST
Shaz 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 consultation 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:
Facebook
YouTube.
