Tax advice

halfthetrack

I am in the process of setting up a small barbers have registered as a limited company. What are the most tax efficient ways of getting money in and out of the company ie i hear giving a personal loan to the company is best for putting money in, should i pay myself a wage via paye or how do i get profits out in the most effecient manner?

Legend100

Sorry if this isnt very helpful but this is a situation where you need to speak to your accountant/tax advisor. Boards will help to a degree but until actual figures are discussed, the most tax efficient strategy for cash extraction would not be possible.

If you loan money to a company, you can obviously take it out tax free as it is your money in the first place that the company will owe you. A salary through the paye system is the most common source of cash extraction and is often combined with a pension to avail of tax relief. This is a detailed area and I would strongly advice seeking the advice of a professional.

Mr. Incognito

Please read the charter re specific advice.

I suggest you visit a competent professional.