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Company Lump Sum

  • 12-11-2020 5:49pm
    #1
    howyegettinon1
    Registered Users, Registered Users 2 Posts: 318 ✭✭


    for the mods: I am not looking for financial advice or some shady ways to pull one over on revenue



    I am looking for some sugestions on what to do with a lump sum in company account, I am going to get in touch with the accountant for advice but would like some ideas to bring to him incase he/I hasnt though of it


    I've a large sum built up this year sitting in a ltd company that Im not sure what to do with, I've maxed out the director salaries(in the 20% bracket) and took out all posible expenses and bought what I could through the company already



    My options are as I see them;
    - put into pension at 0% tax
    - take it out and part with 51% of the money in taxes
    - leave in company and get hit with corp tax - maybe leave it in company until I want to take time off or I'm out of a job and pay the corp tax plus 20% as income down the line - this way id lose about 32% to the tax man vs the 51% above





    Is there any other options? I was thinking maybe invest it?(that way I wont be paying corp tax on it) cash in the investment when I need the money again? - not sure if that exactly right/legal or possible?



    Put it towards a property maybe?



    I've also heard you can eventually close the company down and take out a lump sum tax free after so many years?
    Tagged:


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