Hi there,
We are due to get a lump sum from a house sale today and wanted to run through our plans if they make the most sense financially. My wife and I contract through my company and take salaries and dividends when required.
With the lump sum we are thinking of not taking any more from the company that incurs any personal tax but take it from the lump sum we've received so essentially live off that.
Then in a year or 2 which (was our plan anyway) take entrepreneurs relief and go perm. A portion of the lump sum we will also put away in an interest bearing account too.
Does make sense as an approach or am I missing something?
Thanks
We are due to get a lump sum from a house sale today and wanted to run through our plans if they make the most sense financially. My wife and I contract through my company and take salaries and dividends when required.
With the lump sum we are thinking of not taking any more from the company that incurs any personal tax but take it from the lump sum we've received so essentially live off that.
Then in a year or 2 which (was our plan anyway) take entrepreneurs relief and go perm. A portion of the lump sum we will also put away in an interest bearing account too.
Does make sense as an approach or am I missing something?
Thanks
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