New Start-Up Tax Question

[OnAGutshot]

Chaps,

I have an opportunity to enter business with a friend/ex colleague. Weighing up the pro's and cons of it, the financials are a large part of what I'm interestin in (as well as all the fluffy stuff of being your own man etc etc.)

Now, we have the contacts and reckon the business should turn over a modest £200 - £250k within the first year, second year at the latest. We can work from home initially so there would be little by means of costs, even IT would be taken care of with contacts for minimal costs.

My question is, based on the above T/O, what could we expect to earn from the business personally and what would the tax implications be on taking £50k salary/dividends and £100k salaries/dividends?

I've looked and am still looking at the gov website but it there's so much info, it makes it so tough to interpret.

If anyone has any links etc then that would be much appreciated

Thanks

 

[ExpoPublishing]

You're best bet is to speak with an accountant to have a quick chat with them about it.

I'm sure the first one you speak with will be more than happy to go through it with you.

 

[GraemeL]

the business should turn over a modest £200 - £250k within the first year, second year at the latest. ........there would be little by means of costs

My question is, based on the above T/O, what could we expect to earn from the business personally and what would the tax implications be on taking £50k salary/dividends and £100k salaries/dividends?

Hello OAG,

if you can achieve those sales with almost no costs except your own 'salaries' then you are onto a real winner! Wholly agree with ExpoP, speak to an accountant straight away. Not a book keeper, a 'proper' accountant.

G