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Tax Efficient Ways to Extract Cash from your Business
14
October
2024
Have you set up as a Limited Company and wondered how you can pay yourself?
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:
- How has the business performed in previous years
- What are the current and future requirements of the business?
- What is the most tax efficient way for the individual to extract cash from the Company?
In this guide we will break down the various methods of extracting cash from your business effectively.
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