Source: http://www.indicator-flm.co.uk/en/getting-money-out-of-your-company-26192
Timestamp: 2017-05-25 18:03:07
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Dividends, Salary and Other Tax-Efficient Ways to Extract Profit - Indicator - FL Memo
E-mail to...	All the options covered to pay less tax
A Handy Guide about... In a nutshell
This book shows you the most tax-effective and legally safe ways to get that hard-earned profit out of your company. You'll see how each method might work for you and which taxes come into play. It's a must-read guide to help you develop the most tax-effective profit extraction strategy. In detail
You'll find 19 profit extraction methods - everything from dividends to employer pension contributions. We cover each method in a structured way and tell you, in simple language:
What's involved - what you have to do
The tax consequences for your company
The tax consequences for you
Whether there are any VAT implications
What the pros & cons are
We also provide you with a worked example explaining:
What it costs your company
The net amount you'll be left with
This book comes with a free Online Service including documents and tools, such as a dividend voucher, licence agreement and profit extraction calculator. It's the perfect combination.
We've created this Handy Guide especially for... Directors and business owners that want to:
Get the profit out of their company in a tax-effective and legally safe way
Advisors and accountants that want to:
Help their clients develop a tax-effective profit extraction strategy
The most important updates to this new edition include… The dividend nil rate band
Revised tax rate for company loans
Benefits in kind You'll get the following free extras with this Handy Guide... An Online Service with ready-to-use documents To immediately apply our advice and solutions in practice That you can easily adapt to suit your own requirements
Introduction Part 1 - Salary Section 1: Method What do we mean by salary? How should you withdraw salary? What is the maximum salary you can have? Section 2: Your company Is salary tax deductible for the company? What is the NI cost? Does the company have to deduct tax from your salary? Does it matter how much salary is paid? How does IR35 affect the tax position? Section 3: You Should your salary be shown on your tax return? What is the NI cost? Can you deduct any expenses from your salary? At what rate will salary finally be taxed? How does your tax code affect the tax payable? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of salary Disadvantages of salary Part 2 - Bonus Section 1: Method What do we mean by a bonus? How do you award yourself a bonus? Does it matter how big the bonus is? Section 2: Your company Is a bonus tax deductible for the company? What is the NI cost? Does the company have to deduct any tax and NI? Section 3: You Should your bonus be shown on your tax return? What is the NI cost? Can you deduct any expenses from a bonus? At what rate will your bonus finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a bonus Disadvantages of a bonus Part 3 - Dividends Section 1: Method What do we mean by dividends? How should you withdraw a dividend? Is there a limit to the size of dividends? Section 2: Your company Is a dividend tax deductible for the company? What is the NI cost? Should the company deduct tax when paying a dividend? Any restrictions on paying a dividend? Section 3: You Should a dividend be shown on your tax return? Can you deduct any expenses from the dividend? What is the NI cost? At what rate will a dividend be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of dividends Disadvantages of dividends Part 4 - Interest Section 1: Method What is interest? How do you charge interest? What rate can you use? Section 2: Your company Is interest paid tax deductible for the company? Does the company deduct tax from your interest? What is the NI cost? Section 3: You Should interest be shown on your tax return? What is the NI cost? Can you deduct any expenses from this interest? At what rate will interest finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of interest Disadvantages of interest Part 5 - Rent Section 1: Method What do we mean by rent? How should you withdraw rent? Is it important how much rent you charge? Section 2: Your company Is rent paid tax deductible for the company? What is the NI cost? Should the company deduct any taxes from the rent? Does it matter how much rent is paid? Section 3: You Should the rent be shown on your tax return? What is the NI cost? Can you deduct any expenses from the rent? At what rate will the rent finally be taxed? Should any tax be paid in advance on the rent? Section 4: VAT When do you charge VAT on rents? Can the company recover the VAT? What’s the best thing to do? Section 5: Example Section 6: Pros & cons Advantages of rent Disadvantages of rent Part 6 - Loans Section 1: Method What is a loan? How do you take out a loan? What is the maximum loan you can have? Section 2: Your company Is a loan tax deductible for the company? Does the company deduct any tax from the loan? Does it matter how big the loan is? What is the NI cost? Section 3: You What do you put on your tax return? What is the NI cost? Can you deduct any expenses from the benefit of a loan? At what rate will a loan finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a loan Disadvantages of a loan Part 7 - Company cars Section 1: Method What is meant by a company car? Does it matter what type of car you have? Section 2: Your company Is the cost of the car tax deductible? What is the position with leased cars? What is the NI cost? Should the company deduct tax? What about running costs? Does it matter how much the company pays for the car? Section 3: You Should a company car be shown on your tax return? Can you deduct any expenses? What is the NI cost? At what rate will you be taxed? Is any tax payable in advance? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a company car Disadvantages of a company car Part 8 - Mileage claims Section 1: Method What is a mileage allowance? How do you withdraw a mileage allowance? How much mileage allowance can you withdraw? Section 2: Your company Is a mileage allowance tax deductible? Which mileage rates should be used? What about NI? What if the company pays too much? Section 3: You Should this be shown on your tax return? Can you deduct any expenses for unpaid mileage? At what rate is excess mileage taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a mileage allowance Disadvantages of a mileage allowance Part 9 - Personal pensions Section 1: Method What is a personal pension contribution? How should the contribution be paid? What is the maximum contribution that can be paid? Section 2: Your company Tax deductible for the company? What is the NI cost? How much can be paid? Section 3: You Should the pension contribution be shown on your tax return? What is the NI cost? At what rate will a pension contribution finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a personal pension contribution Disadvantages of a personal pension contribution Part 10 - Using company assets Section 1: Method What is meant by using company assets? What needs to happen? Does it matter how much the asset is worth? Section 2: Your company Is the provision of assets tax deductible for the company? What is the NI cost? How do you calculate the benefit in kind? Section 3: You Should this be shown on your tax return? Can you deduct any expenses? What is the NI cost to you? At what rate will you finally be taxed? Should any tax be paid in advance? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of using company assets Disadvantages of using company assets Part 11 - Free accommodation Section 1: Method What is meant by free accommodation? How should the accommodation be provided? Does it matter how much the property is worth? Section 2: Your company Is providing accommodation tax deductible for the company? How do you calculate the value of free accommodation? What is the NI cost? Section 3: You Should this be shown on your tax return? Can you deduct any expenses? What is the NI cost? At what rate will this finally be taxed? Is any tax payable immediately? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of free accommodation Disadvantages of free accommodation Part 12 - Childcare Section 1: Method What is meant by the provision of childcare? How should the childcare be provided? Is there a limit to what the company can pay for? Conditions for tax exemption Section 2: Your company Is this tax deductible for the company? What is the NI cost? What does the company have to tell HMRC? Does it matter how much the company spends? Section 3: You Should childcare be shown on your tax return? Can you deduct any expenses from this? What is the NI cost? At what rate will the provision of childcare finally be taxed? Is any tax payable upfront? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of company-provided childcare Disadvantages of company-provided childcare Part 13 - Medical expenses Section 1: Method What is meant by medical expenses? How should you withdraw the cost of medical expenses? What is the tax treatment of eye tests paid for by your company? Is there a maximum that can be spent this way? Section 2: Your company Are medical expenses tax deductible? What is the NI cost? Is it important how much the company spends? Section 3: You Should the medical expenses be shown on your tax return? Can you deduct any expenses from this benefit in kind? What is the NI cost? At what rate will medical expenses finally be taxed? When will you be taxed on medical expenses? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of the company paying medical expenses Disadvantages of the company paying medical expenses Part 14 - Family dividend Section 1: Method What is a family dividend? How do you set up a family dividend? Section 2: Your company Is the family dividend tax deductible for the company? What is the NI cost? Should the company deduct tax when paying the family dividend? Any restrictions on paying a dividend? Section 3: You Should the family dividend be shown on your tax return? Can you deduct any expenses from the family dividend? What is the NI cost? At what rate will the family dividend finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of paying a family dividend Disadvantages of paying a family dividend Part 15 - Family salary Section 1: Method What is meant by family salary? How should you withdraw family salary? How much can you actually pay? Section 2: Your company Is the family salary tax deductible for the company? Should the company deduct tax when paying a salary to a family member? What is the NI cost? Does it matter how much family salary is paid? Section 3: You Should the family salary be shown on your tax return? Can any expenses be deducted from the family salary? What is the NI cost? At what rate will family salary finally be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of a family salary Disadvantages of a family salary Part 16 - Selling to the company Section 1: Method What is meant by selling to the company? How should you withdraw the sale proceeds? Does it matter what price you charge? Section 2: Your company Is the payment tax deductible for the company? What is the NI cost? Should the company deduct tax when paying you? Does it matter how much the company pays you? Section 3: You Should the sales income be shown on your tax return? What is the NI cost? Can you deduct any expenses from the sales income? At what rate will the sales income finally be taxed? Section 4: VAT Section 5: Example Example 1 Example 2 Section 6: Pros & cons Advantages of selling to the company Disadvantages of selling to the company Part 17 - Using a company pension fund Section 1: Method What is a company pension fund? How should you withdraw company pension contributions? Is there a maximum that can be paid? Section 2: Your company Is a pension contribution tax deductible for the company? What is the NI cost? Does it matter how much is paid in one year? Section 3: You Should contributions be shown on your tax return? Can you deduct any expenses from a pension contribution? What is the NI cost? At what rate will you be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Your tax position Section 6: Pros & cons Advantages of a company pension scheme (SSAS) Disadvantage of a company pension scheme (SSAS) Part 18 - Flexible dividends Section 1: Method What do we mean by a flexible dividend? How do you set up a flexible dividend? How much dividend can you take this way? Section 2: Your company Is a flexible dividend tax deductible for the company? What is the NI cost? Should the company deduct tax when paying a flexible dividend? Any restrictions on paying a flexible dividend? Section 3: You Should a flexible dividend be shown on your tax return? Can you deduct any expenses from a flexible dividend? What is the NI cost? At what rate will a flexible dividend be taxed? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of flexible dividends Disadvantages of flexible dividends Part 19 - Royalties and licence fees Section 1: Method What do we mean by royalties and licence fees? How do you set up such an arrangement? How much can you withdraw with this method? Section 2: Your company Are these payments tax deductible for the company? What is the NI cost? Should the company deduct income tax from these payments? Does it matter how much is paid? Section 3: You Should this income be shown on your tax return? Can you deduct expenses from this income? What is the NI cost? At what rate will this income finally be taxed? Has tax already been paid on this income? Section 4: VAT Are there any consequences for VAT? Section 5: Example Section 6: Pros & cons Advantages of royalties and licence fees Disadvantages of royalties and licence fees Part 20 - Conclusion Section 1: summary of numbers How can the various methods be compared? How much does £10,000 cost? Section 2: summary of the text Section 3: selection process Section 4: Examples Example 1 - making more of what you’ve got Example 2 - taking just a little bit more Part 21 - Timing Section 1: Method What do we mean by timing? Section 2: Your company Will the profit extraction method be tax deductible for your company? When will your company get a tax deduction? Does it matter if the company pays you monthly, quarterly or annually? When will any employers’ NI be payable? When can the company pay a dividend? Section 3: You Will the profit extraction method result in a tax bill for you? When do you have to notify HMRC? When will any income tax and NI due have to be paid? Section 4: VAT Are there any consequences for VAT? Section 5: Example Monthly Before your company’s year end Before the accounts are finalised Before the nine-month deadline Before the end of the tax year Section 6: Pros & cons Advantages of timing Disadvantages of timing 19 simple ways to extract profit
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