Originally posted on Facebook - Planning Tip - January 30, 2017 - Understanding the differences

Sometimes we may view ourselves as Sole traders, Individuals, Partners and we may never see ourselves as part of a Company or operating in the form and structure of a company.

I would suggest that to get ourselves to an understanding of where the other side is, that as far as possible, get something such as a blank corporation tax return or a partnership tax return and examine it.

Look at the differences.. As an individual, what do I do differently? I pay rent, now where would I put that in the company's tax return if I had to report on that? What would be the information which I would need to complete a receipt if I had to track my information correctly? Can I flip my understanding, my knowledge if I had to receive rent instead of pay it?

Have a look at the forms and see if we can spot the information and all of the spaces which may be required?

I am now laughing at myself,