Hi guys,
Not really a property question, but property could be an option in this situation.
I have a business which has been accumulating decent profits and am thinking of options on how to get this money out of the business the most effective way.
My wife and I pay ourselves a decent salary, but apart from that, all profits are staying in the business account and growing continually.
Don't want to, or need to invest any money into the business, so what options do we have?
Just pay ourselves more and pay a large personal tax bill?
Invest through the business, but confused about tax issues later, as may not keep the business after 2 or 3 years.
Any other options?
Basically want profits into our personal names while minimising tax...
Is there a way?
Thanks for any helpful advice.
Spider
Not really a property question, but property could be an option in this situation.
I have a business which has been accumulating decent profits and am thinking of options on how to get this money out of the business the most effective way.
My wife and I pay ourselves a decent salary, but apart from that, all profits are staying in the business account and growing continually.
Don't want to, or need to invest any money into the business, so what options do we have?
Just pay ourselves more and pay a large personal tax bill?
Invest through the business, but confused about tax issues later, as may not keep the business after 2 or 3 years.
Any other options?
Basically want profits into our personal names while minimising tax...
Is there a way?
Thanks for any helpful advice.
Spider