Tax !!!

[AddisonAB]

Hi

I have recently started a new LTD organization for the first time, my outgoings are slim, Telephone, Internet, etc

My income is forecast to be around £15-20k per quarter

I need to know how much of it i can invest or put to use rather than pay in taxes.

I am booked in to see a Tax advisory in 2 weeks but i wondered if there were any other people with similar overheads and income that would give me an insight

thanks

 

[DeanCo]

A limited company has the advantage of being able to pay salary and/or dividends. Dividends have no National Insurance liability and this is usually the most efficient way of retrieving your earnings. See Directors Salary & Dividends

 

[MyAccountantOnline]

Hi

I have recently started a new LTD organization for the first time, my outgoings are slim, Telephone, Internet, etc

My income is forecast to be around £15-20k per quarter

I need to know how much of it i can invest or put to use rather than pay in taxes.

I am booked in to see a Tax advisory in 2 weeks but i wondered if there were any other people with similar overheads and income that would give me an insight

thanks

Hi

If you set aside 20% of your profit each month ie income less expenses you wont go too far wrong, but thats only for the company, you may also have some tax on your private income which will depend on your personal circumstances.

Your accountant/tax advisor will help further and make sure you claim all the expenses you can which will reduce your own and the company tax.