Say in year one my company makes 1000 GBP profit. This is taxed according to corporation tax rules, leaving me with 800 GBP in my company's bank account.
Then in year two I wish to draw a larger salary which means involves paying myself the 800 GBP profit from the previous year.
This 800 will then be taxed again as part of income tax and national insurance.
Is my understanding here correct?
Then in year two I wish to draw a larger salary which means involves paying myself the 800 GBP profit from the previous year.
This 800 will then be taxed again as part of income tax and national insurance.
Is my understanding here correct?
Comment