How to Pay Yourself in a Compliant Way.
Understanding the ins and outs of extracting money from your Limited Company in the United Kingdom can seem like a labyrinth of financial rules and regulations. This free guide serves as your essential guide to navigating these complexities, providing you with the crucial knowledge needed to make informed decisions. The information contained here will be invaluable if you are considering the following:
- Paying Yourself a Salary: As a director of a Limited Company, you may choose to pay yourself a salary. Our guide will detail the process for setting up a payroll, paying Income Tax and National Insurance, and the benefits of taking a small salary and the rest in dividends to optimize your tax efficiency.
- Issuing Dividends: If your company is making a profit, you may wish to distribute these earnings to shareholders in the form of dividends. This guide will explain the legal requirements for issuing dividends, how to calculate them, and the tax implications for both the company and shareholders.
- Reimbursing Business Expenses: Limited Company directors can reclaim costs for expenses incurred exclusively for the business. This guide will outline what qualifies as an allowable expense, how to record and report these expenses, and the potential tax benefits of doing so.
- Director’s Loan: If you need to access company funds for personal use, or vice versa, this could be treated as a director’s loan. Our guide will elucidate the rules surrounding director’s loans, how they must be recorded, and the tax implications if the loan is not repaid within a certain timeframe.
- Selling Company Assets: You may decide to sell company assets, whether that be property, equipment, or even the company’s intellectual property. This guide will provide you with a comprehensive understanding of how to value these assets, the process for selling them, and the potential Capital Gains Tax implications.
What’s Covered in Free Guide?
- Salary
- Employing your spouse or family members
- Dividends
- Giving shares to family members
- Loans
- Rent
- Employee benefits
- Other tax-efficient benefits
- Business Expenses paid for personally
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Debbie Darling
16:24 21 Jul 23
RJF took over the management of my company's accounts in April 2023 and I can't praise Rob highly enough! The collation of my accounts for tax purposes was straightforward and the submissions process was managed perfectly, with payment amounts and due dates provided in a separate, easy to read document. I'm delighted to be working with Rob and the team!
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12:55 24 Apr 23
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16:13 13 Oct 22
We moved our financial management and reporting to RJF Accountants 12 months ago, we needed more of an outsourced Finance Director to give us deeper knowledge and guidance both locally and internationally. Rob and his team at RJF are experts in their field and take the time to genuinely understand the businesses they support and the people within them.
I highly recommend RJF Accountancy to businesses that need more than just a basic accountancy service, we have been entirely satisfied from day one and look forward to a continued relationship with Rob and his team.
I highly recommend RJF Accountancy to businesses that need more than just a basic accountancy service, we have been entirely satisfied from day one and look forward to a continued relationship with Rob and his team.
Moylan Moylan
12:02 07 Oct 22
Thanks to Rob and the team at RJF in getting our first accounts done and filed on time. We are extremely busy and didn't have the time to have everything filed and ready. They pulled out all the stops. Great support
Thanks also to Rob for his advice and support especially in relation to various taxation scenarios, EIS and SEISS, other options and opportunities and regulations. Much appreciated.
Thanks also to Rob for his advice and support especially in relation to various taxation scenarios, EIS and SEISS, other options and opportunities and regulations. Much appreciated.
Judy Leung
14:10 15 Dec 21
I switched to RJF because I needed an accountant who could also offer advice and insight into startup finance and tax related queries, not just deal with the compliance side. I'm extremely pleased I made the move because Rob and his team have been fantastic, always responsive and helpful. It's clear Rob has a lot of experience and is passionate about startup finance and entrepreneurship. I've already referred another business owner to him and am happy to recommend RJF.
Danny Rodgerson
20:02 26 Nov 21
Rob and his team are professional, courteous and always friendly. Rob will make the time to reply to all my ramblings - whatever time of day! He's knows how to advise businesses on their accounting needs. I previously referred clients to Rob, but became one myself when I set up alone, and I can now see why they all raved about RJF.