Recent content by PennyHill

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    Paying a salary from retained profits (non-trading)

    It's my alter-ego! Actually it's the name of a very nice spa hotel in Surrey where the England rugby team train
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    Paying a salary from retained profits (non-trading)

    Hi - these are accumulated profits from the preceding 10 years' trading. Currently cash sitting in a (business) bank account, for a rainy day
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    Paying a salary from retained profits (non-trading)

    Thank you. I did think about an MVL but was put off by the requirement to engage an IP. Plus I may wish to trade via this LtdCo vehicle in the next couple of years. I suppose I'm just trying to keep my options open!
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    Paying a salary from retained profits (non-trading)

    Thank you - I have considered that option too. My other dividends, although modest, do exceed the £500 tax-free limit so any dividends would attract basic rate tax (I'm not planning to drift into higher rate band next tax year). So perhaps a combined approach may work here (salary plus divi)
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    Paying a salary from retained profits (non-trading)

    I am the sole director of a Ltd Co which has not traded since 2019 and has around £90k of retained profit. The company hasn't been made dormant or been wound up/struck off, and I have been submitting annual returns on time each year. I would now like to start taking a salary out of the retained...
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