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How to withdraw profit from your company

  • 06-04-2012 7:19pm
    #1
    19driver83
    Registered Users, Registered Users 2 Posts: 164 ✭✭


    I am setting up my own contracting company. I spoke to an accountant about what is involved and have a query on how to use the profit the company makes.

    Example;
    If the company has a profit of 50K after expenses etc.
    I take a salary of 30K and I pay corporate tax on the remaining 20K at 12.5%, leaving €17,500.

    How can I use this money wisely??

    I know I can use invest in a pension.

    Can I use it to buy a car, maybe a investment property?


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    This is professional advice I charge for in real life,

    Read the charter or speak to your accoutant.

    And btw you will have to pay corporation tax on 50K if that is the profit after expenses and then income tax on any money you draw down so you get hit twice.

    Companies are not efficient structures for one man bands.

    Thread closed.


This discussion has been closed.
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