Let's say there is a £100k profit after expenses in a limited company and it needs to be extracted the most tax efficient way. The personal income tax allowance is used by permanent employment.
With Members Voluntary Liquidation it is still necessary to pay Corporate Tax which will leave £80k and then £72 after Entrepreneurs Relief. So 'take home' appears to be 72%, almost 30% tax!
How some contractors take home 80% or more?
With Members Voluntary Liquidation it is still necessary to pay Corporate Tax which will leave £80k and then £72 after Entrepreneurs Relief. So 'take home' appears to be 72%, almost 30% tax!
How some contractors take home 80% or more?
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