Going to the Darkside - what to do with Company any ideas

[redman]

Hi

Been out for 6 months, I have been approached by previous client for a perm role £70k plus share pension medical dental etc, remote working and work is easy

So not a bad package Not what I was getting as contract obviously but ok

I am going to keep my LTD open in case I go back but I was wondering what to do with the money in the business

As I am 53 I though about putting a lump sum in a pension and drawing a div or

Should I draw it all out as a div

Or anything else?

Just wondering what you guys have done

I have asked my accountant and have yet to hear anything


Thanks

[eek]

Hi

Been out for 6 months, I have been approached by previous client for a perm role £70k plus share pension medical dental etc, remote working and work is easy

So not a bad package Not what I was getting as contract obviously but ok

I am going to keep my LTD open in case I go back but I was wondering what to do with the money in the business

As I am 53 I though about putting a lump sum in a pension and drawing a div

Should I draw it out as a div

Just wondering what you guys have done

I have asked my accountant and have yet to hear anything


Thanks

Anything beyond 15k as a dividend is likely to push you into high rate tax territory.

Personally if you don't need the money in cash and you aren't talking about £00,000s - 15k as a dividend and use your pension allowances (remembering to reclaim the Corporation tax you've paid back) as the pensions come from pre-taxed income.

[redman]

Anything beyond 15k as a dividend is likely to push you into high rate tax territory.

Personally if you don't need the money in cash and you aren't talking about £00,000s - 15k as a dividend and use your pension allowances (remembering to reclaim the Corporation tax you've paid back) as the pensions come from pre-taxed income.

Thanks and that is why I asked on here to get excellent advice.....I never thought about the company tax element

As the role will not start till end of October, 5 months in this tax year not sure that I would be pushed into HT bracket but will check with the accountant

Thanks again some great pointers

[northernladuk]

Have you been through your options with your accountant?

[eek]

Have you been through your options with your accountant?

Did you read the original post?

I have asked my accountant and have yet to hear anything

[northernladuk]

Did you read the original post?

Not all of it it seems.

I think he's editted it on purpose to make me look like an idiot....

[Old Greg]

Not all of it it seems.

I think he's editted it on purpose to make me look like an idiot....

Why bother?

[Paralytic]

Not all of it it seems.

I think he's editted it on purpose to make me look like an idiot....

I think you're right. And its not the first time - I've seen people do that on dozens of your replies!

[redman]

I think you're right. And its not the first time - I've seen people do that on dozens of your replies!

Just to add

sorry I never edited the post to add that, cant see any reason why I would need to do that

[BlueSharp]

Not all of it it seems.

I think he's editted it on purpose to make me look like an idiot....

You don't need any help from the o.p. to do that.