• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Show me the money

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Show me the money

    I've been LTD for over 6 months now - the same as probably 4m other Contractors.
    In the 6 months I have only paid myself a wage of £750 pm.
    I was trying to go for the 2 yr taper relief on the rest of the money in the account (minus tax etc of course).
    Is this a good idea, especially with the change to CGT, or should I just pay myself a salary + dividents upto the higher income bracket?
    Also what happens with the rest of the money?
    How can I get the rest out without incurring higher income tax payments?

    #2
    Speak to you accountant.

    Comment


      #3
      Originally posted by Clippy View Post
      Speak to you accountant.
      Agreed.

      Comment


        #4
        agreed

        Comment


          #5
          Sounds like good advice.
          Best Forum Advisor 2014
          Work in the public sector? You can read my FAQ here
          Click here to get 15% off your first year's IPSE membership

          Comment


            #6
            Agreed.

            Comment


              #7
              That's what I'd do.
              Best Forum Advisor 2014
              Work in the public sector? You can read my FAQ here
              Click here to get 15% off your first year's IPSE membership

              Comment


                #8
                Sounds like a plan.

                Comment


                  #9
                  Makes sense

                  Comment


                    #10
                    Yes. Next.
                    First Law of Contracting: Only the strong survive

                    Comment

                    Working...
                    X