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TAX for a LTD company
vicstaa
Posts: 13 Forumite
Hi,
(not sure if i put this in the right section!)
:j
I am starting up my own business and need to be sure on the tax implications!
The business will roughly earn around 30k a year I will have 1 employee who receives £8300 a year. I will pay myself £5000 a year. So I will have to pay N/I on the 1 employee not my own as it is under the threshold.
What exactly do I pay tax on do the rest unless it is expenditure??? Does the company pay tax on any dividends it pays out? (I know i will have to myself) do I pay tax on Income or profit?????
Any help would be much appreciated!!!
(not sure if i put this in the right section!)
:j
I am starting up my own business and need to be sure on the tax implications!
The business will roughly earn around 30k a year I will have 1 employee who receives £8300 a year. I will pay myself £5000 a year. So I will have to pay N/I on the 1 employee not my own as it is under the threshold.
What exactly do I pay tax on do the rest unless it is expenditure??? Does the company pay tax on any dividends it pays out? (I know i will have to myself) do I pay tax on Income or profit?????
Any help would be much appreciated!!!
0
Comments
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As you are running a Ltd in practice you are 99% likely to need an accountant. When I set up my Ltd the accountant spent an hour with me going through all these types of questions...I'd advise getting a local accountant and doing the same. They'll be able to set up the most tax efficient scheme for paying yourself.0
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Yeah im gradually working that out lol im still in the stages of figuring out wether it will be benificial lol its all quite complicated I think ive got my head around most of it ish ha ha0
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