The company does not have a tax allowance however as an employee of the company you do and as an employee the wages you pay yourself are an offset towards your company tax bill. In effect you only pay tax on the profit your company makes.
Where a LTD company really scores over being a sole trader is when you can have two directors ie a husband and wife team etc which can both make use of their maximum tax allowance but with the added benefit of not having to justify exactly how much work you did to claim those tax deductible wages.
A good accountant helps too.
