You can trust Harold Sharp to ensure that the income required to pay for your household is taken in the most tax effective ways possible.
How you extract your income from the privately-owned company (and to whom within your family and dependency) is, perhaps, surprisingly critical to the amount of business profit you manage to retain for yourself and your family.
There are a wide range of options, and potential options, for bringing monies out of the company to fund your household, all with widely differing tax implications involved.
These options typically include wages/salaries/bonuses, dividends, loans, benefits in kind, pensions and pension contributions, rent, interest, share incentives, and capital sums in specific circumstances.
The options are typically widened further where spouses and different generations might participate in the business in some way.
Some of these options suffer National Insurance, some are subject to different rates of Income Tax, and some are even charged to tax under completely different tax codes (e.g. the Capital Gains Tax code).
With an array of possibilities and the prospect of paying much, much, too much taxation if you don’t take advice, planning is simply essential. Contact us if you would like to know more about our profit extraction services.
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