Quote:
|
Originally Posted by Mustang
Great discussion - many thanks Simon for initiating it!!
 I am just trying to work out how I can get access to more money so that I can afford to draw a small salary and pay myself a large dividends. My CO is running well but personal finances are such that I need to draw a fair size salary to cover my outgoings. 
Any pointers from anyone else on how the managed to make that transition (other than having capital in the first place). |
1) Reduce salary to 5k.
2) Draw salary.
3) Draw whatever else you need monthly {post to directors current a/c}
4) Vote dividend quarterly to cover the total of 3. {post to director current a/c}
At end of year ensure the directors account is not overdrawn.
Your salary doesn't need to cover your outgoings.