Guides
16
June
2021
Have you set up as a Limited Company and wondered how you can pay yourself? This guide outlines some of the most common and tax efficient methods of extracting cash from your business.
A Limited company is a separate legal entity from the individuals who own its shares, all of the assets belong to the business rather than its owner. This means that you cannot just take money from your business like you would in a personal account. Funds earned by a Limited Company must be extracted in an appropriate manner. There are strict rules in respect of cash extraction from companies.
When looking to extract funds from the Company it is important to consider the overall position of the Company, the directors and the shareholders.
Key considerations are:
There are many ways to extract cash from a business, each with their own tax implications. This guide outlines five of the most common methods available and gives recommendations as to which method can be most tax-efficient.
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