Hello!
After 8 years of contracting I moved to permanent, and I have some money left on the company bank account.
What would be the best way to save on taxes?
(I share the company 50/50 with my wife who is not working anywhere else and is receiving minimal salary + dividends from our limited company).
I thought of the following two options:
1. Keep the company and continue paying my wife just salary (and no dividends) until all company money runs out, and then close the company.
2. Transfer all company money to my and my wife's pensions now and close the company.
Will appreciate any advice and thanks in advance...
After 8 years of contracting I moved to permanent, and I have some money left on the company bank account.
What would be the best way to save on taxes?
(I share the company 50/50 with my wife who is not working anywhere else and is receiving minimal salary + dividends from our limited company).
I thought of the following two options:
1. Keep the company and continue paying my wife just salary (and no dividends) until all company money runs out, and then close the company.
2. Transfer all company money to my and my wife's pensions now and close the company.
Will appreciate any advice and thanks in advance...
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