where do i begin?

Retired_I.F.A.

I am not sure an IFA will necessarily have the knowledge of your specialist situation to advise on the tax issues anyway.

Pretty much basic stuff for any IFA imo but..

The other question being, where is your accountant????

...way to difficult for many an accountant

jamesd

ExpedLdr, wealth management sounds like a fancy title for higher fees. You might usefully ask in a private message about fees from dunstonh's firm just to give you some idea of what a competitive provider would charge.

meester

The other point is this all interacts quite a lot with your other thread about what to do with capital in your company.

A lot of this depends on whether their is Corporation tax-paid capital there - if it is CT-paid (i.e. from previous years), there is no way to get the money back, and your choice is either to invest it inside the company, or to take the tax hit and pay 25% tax on the dividend. If it is still within the tax year, a couple of issues may become important, depending on your accounting periods:

* making the pension contribution, to reduce company profits, out of company funds, before your Year End
* setting yourself up as a salaried PAYE employee of your company (as a director you are entitled to use an annual accounting period for NI, so there's no NI liability with £5,225 paid out in a single month)

There are other relevant points, namely the nature and likely duration of your business - if it is a long-term professional service type business, then profits should stay fairly constant. But if it's going to fizzle out soon, that makes it less important to avoid tax.

You can also put your spouse on the books, on a £5.2k salary, this will save another bit of tax. Unfortunately the dividend situation for non-working partners looks to be changing from April, so you can't distribute money this way after then.

My personal priority is to avoid as much as tax as possible, as I resent paying it, and so I currently pay out around £80k/year from my company, without personal tax liability, via my spouse and I, but this sadly is almost certainly changing from April....

There's a fair bit of information on corporate taxation on HMRC's website, also here http://www.garbetts.com/psc/ and here http://www.garbetts.com/resources/index.htm

Retired_I.F.A.

There again you could retire on £150.000.00 year now.


Take on an employee with a 50k salary, teach him your job and go fishing.:D

Hell for 50k yr i'd come and work fo you, I'll settle for just fishing at the weekends, and I can play snooker at night no problem.