10 Unique ADVANTAGES of Starting a LIMITED COMPANY
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Starting a Business UK? Here are 10 Unique Advantages of starting a Limited Company vs Sole Trader UK. Learn to Start or Grow your Side Hustle or Online Business with us at Financial Joy Academy FinancialJoyAcademy.com
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I'm married to Ken and we have two boys aged 8 and 6. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.
When I'm not creating, I love vegan food, traveling, working out, and doing some outdoor fun things with my husband and kids :)
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I'm a husband to Mary and daddy first and foremost.
Former CFO by day with over 12 years of experience in the investment business. I'm a Chartered Accountant and hold an MBA from Cambridge University.
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★★ TIME STAMPS ★★
0:00 - Intro
1:05 - ADVANTAGES of Limited Companies
1:07 - 1: Company Pension
2:46 - 2: Tax Efficiency
4:43 - 3: Tax Planning
5:50 - 4: Limited Liability
7:46 - 5: Funding
8:37 - 6: Name Protection
9:22 - 7: Create Different Share Classes
11:10 - 8: Succession
12:17 - 9: Allowable Business Expenses
13:50 - 10: Credibility
14:50 - Bonus: First Time Buyer Status Retained
16:21 - Final Words
17:01 - DISADVANTAGES of Limited Companies
Best, Ken and Mary
#limitedcompany #business #ltdcompany
★★ WHAT THIS VIDEO IS ABOUT★★
10 Unique ADVANTAGES of Starting a LIMITED COMPANY - แนวปฏิบัติและการใช้ชีวิต
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The Humble Penny is very resourceful for financial education and this channel is under subscribed. when I started my company there was no TH-cam information as such compared to today. I had to buy books “ sorting out your finances for dummies” and pay accountant for rudimentary information. I remember reading shares made simple but was unable to confidently pick individual stocks, however after watching Ken’s back catalogue on ETFs and REITs, I was able to pick positions.
The power of TH-cams means I will keep learning new skills all my life as long as I remain subscribed to the right channel. Ken, I thank you immensely for financially educating viewers.
It means a lot to us to have a subscriber like you who truly understands the value of what we put out week after week ❤
Thanks so much for sharing!
One key advantage of Ltd co regarding property is mortgage interest is fully deductible as an expense. As an individual / sole trader only 20% is tax deductible (via tax credit)
Absolutely. Thanks for elaborating on this point, which I shouldn't have assumed people knew.
I apologize I am Italian everybody talk about LTD Co what do you mean with co, company?
Just rewatching this - so helpful, thank you!
Amazing! Please share with others :)
Thanks very much for your helpful advice
You're welcome 😊
Thank you Ken. Can you do a video comparing CIC Vs LTD company? ,💛
Thank you so much Ken for this video, definitely of great value and something I needed more information on which you have provided.
You're most welcome 😊
Thanks for this informative video.
Your welcome, Elizabeth 😊. Do share with others.
Thank you for your informative video. In regards the first time buyers- is it working other way around, which means after buy first personal home to buy as a first time buyer under Ltd?
Love this video thanks Ken. Never knew that about FTB status!
You're most welcome, Rikesh!
Amazing content Ken! Just going into business with my cousin as a builder and was thinking of setting up as a limited company but this confirms it thank you!
Amazing, Matthew!
Hi Ken, Great great great stuff as always, this Channel is a must for anyone who takes their personal economic seriously. keep up the good work :-)
😊🙏🏾
It's like you read my mind, I've been looking into information about that last nugget tip for the past few months!! Fantastic video again!! Keep it up 😊
You're most welcome!! And yes, I did read your mind 😉
Thank you for explainging this, at least for me, complex matter in such understandable way!
You're absolutely welcome 🙏🏾. Do share with others.
Glad I stumbled upon your video.
Great 👍🏾. Welcome 😊
This was incredibly insightful. Thank you for taking the time to make this video.
You're most welcome. Share it with others 😊
Love this video! I've been reaping these benefits for the past year and it's incredible!
Amazing 🙌🏾. Please share with others
I loved these, you started on a bang, and ended on a bang 🔥
😊🙌🏾🙌🏾
Thank you, everyone smakes it sound easy by making it look hard. You've just cleared it up :)
Awesome 👌🏾. Please share with others
Brillant
I saw this and click straight away,I just put in my notice yesterday and starting on my own as a contractor. So this is bang on and thank you for sharing your knowledge
You're most welcome, Deen 😀
As a new business owner, these sort of videos are absolutely helpful. Thank you for making these! It was entertaining to watch :)
Hey are you interested in financial freedom ? and based in the uk? Any collab possibilty? Im a junior doc and into investing and fire movement.
Also if its innapropriate to start a communication here I'm extremely sorry. Just excited about finding FIRE friends.
You're most welcome 😊. Please share with others
What’s the SIC code for FBA online business for a limited company?
I think the tax free dividend amount is now £500 a year , not £2000 as you said .
Yes. Cut down.
Thanks so much for this video! I have learned several interesting things!
Brilliant 🙏🏾. Do share with others
I know this video is a little old now but i wanted to say how useful and well put together it is, thank you.
The last piece of the ouzzle that scares me a little is what happens to tax when you want to remain on payroll of your current job, and start you business alongside that and go through making it a limited conpany and registering for tax etc
Thank you 😊. I made this one to be evergreen. About tax when starting a limited company and also keeping your current job, watch this: th-cam.com/video/pNxiSzgLHCQ/w-d-xo.html
I would love to see a video on Holding Companies, and their pro and cons.
Noted
i have a question about the bonus tip.
Will you still be regarded as a first time property buyer through your new company set up if you already have a property in your name?
Thank you Humble Penny for the video. If the profit that accrued to the Coy is £50,000 for the tax year. Is it not better to pay yourself the whole £50,000 as salary and pay 20% personal income tax and the NI after deducting tax free income than paying 19% as corporate tax and still pay 7.5% as dividend tax? Thank you.
Thank you Ken
You're welcome 😊
Hi, thank you for your information. Please can be a shareholder also my 11 years old child? Can he get dividents too?Does he also got £1000 tax free? Thank you
I have just now found your channel and it's great! I have just set up this morning as a limited company and the tips you have mentioned has confirmed my belief in setting up this way as opposed to what I was advised a few days ago to set up as a sole trader. I'm so glad I followed my intuition! Big thanks xx
🙌🏾
Don't feel like you have to keep over highlighting the fact that it's "legal", just make that statement very clear at the start, and flow!
If someone wants to be ignorant and r a c i s t to assume something you're saying it's legit and legal based on your ethnicity, THEN YOUR VIDEO IS NOT FOR THEM ANYWAY!!
You're doing amazing 🔥🔥🔥🔥
Thank you. Does that the whole first time buyer thing work the other way around too? I.e. If you have a residential property in your own name, can you reap first time buyer benefits for the first property you purchase through a Limited Company?
Unfortunately not...
@@TheHumblePenny Okay thanks. Worth the ask 🤷🏾♀️.
At minuts 9:00 when you talk about name protection you mean who I don't need register Trademark for to protect my name business?
I'd do both but start with the Ltd Co.
@@TheHumblePenny For LTD Co you mean Company?
I can give a list of disadvantages too
Please do, I’m interested to hear them.
@@mrdan7740 1 You can not live in a company property with out taxation
2 Your personal details are public
3 No CGT allowance ofn sale £12500 per year
4 Higher accountancy costs
5 Directors Guarantees if borrowing Cost of setting up
6 Double taxation Corp Tax Dividend tax higher then personal rates
7 Higher interest costs
8 Legal fees to purchase via a company higher
9 and this is the Big on the Director dosent own the property so capital growth is ringfenced from the Director If you own the asset in your own name the asset is yours you can remortage and spend the cash
Apt
Thanks!
How old are you guys
37
Can you spend money fro you pension
In retirement, yes. You access it from age 55.
@@TheHumblePenny thanks
Hi congratulations on the videos,Please Do you the contact of your Friend whom help to get Mortgage. Thank you in advance