Hi all,
Can anybody clear up a query regarding corporation tax?
My Ltd company will have been running for a year in May 2007 when, I believe, corporation tax will be payable on profits. Lets say my profits are £20,000 (which is sitting in the company bank account). If I pay 19% to the taxman leaving £16,200 in the account, how do I get this sum out of the Ltd company account without paying tax on it? If I take it as wages or dividend assume I have to pay tax/NI on it again.
many thanks
Can anybody clear up a query regarding corporation tax?
My Ltd company will have been running for a year in May 2007 when, I believe, corporation tax will be payable on profits. Lets say my profits are £20,000 (which is sitting in the company bank account). If I pay 19% to the taxman leaving £16,200 in the account, how do I get this sum out of the Ltd company account without paying tax on it? If I take it as wages or dividend assume I have to pay tax/NI on it again.
many thanks
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