Show me the money - Contractor UK Bulletin Board

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thunderlizard replied

23 October 2007, 18:28
Loophole pinball

How exciting it must be to have your corporate structure dictated by successive budget announcements. A veritable Vicar of Bray of the business world you truly are.
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RSoles replied

23 October 2007, 18:20
Has nobody mentioned norks?
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TheFaQQer replied

23 October 2007, 17:24
At least the advice is consistent.

Sounds like it's a good idea.
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_V_ replied

23 October 2007, 17:11
Yes. Next.
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WindyAnna replied

23 October 2007, 17:10
Makes sense
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Clippy replied

23 October 2007, 17:01
Sounds like a plan.
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TheFaQQer replied

23 October 2007, 17:00
That's what I'd do.
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Clippy replied

23 October 2007, 16:49
Agreed.
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TheFaQQer replied

23 October 2007, 16:49
Sounds like good advice.
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RightLaugh replied

23 October 2007, 16:46
agreed
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oracleslave replied

23 October 2007, 16:33
Originally posted by Clippy View Post

Speak to you accountant.

Agreed.
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Clippy replied

23 October 2007, 16:31
Speak to you accountant.
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RightLaugh started a topic Show me the money

23 October 2007, 16:23
Show me the money

I've been LTD for over 6 months now - the same as probably 4m other Contractors.
In the 6 months I have only paid myself a wage of £750 pm.
I was trying to go for the 2 yr taper relief on the rest of the money in the account (minus tax etc of course).
Is this a good idea, especially with the change to CGT, or should I just pay myself a salary + dividents upto the higher income bracket?
Also what happens with the rest of the money?
How can I get the rest out without incurring higher income tax payments?
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