Hi,
Me and my partner own a trading income company 50/50 and the company is doing quite well and it has started to build up some cash on its balance sheet.
We currently don't take any salary from the business as we have income coming from a rental property.
Somebody told me a while back that we should start taking a small salary from the business (4-5k) so we can build up a bigger executive pension later.
We don't personally need to take out any money from the business currently but just wondering if it would be a good idea to start taking a small salary - does it some how help us make bigger executive pension contributions later on.
Thanks
Me and my partner own a trading income company 50/50 and the company is doing quite well and it has started to build up some cash on its balance sheet.
We currently don't take any salary from the business as we have income coming from a rental property.
Somebody told me a while back that we should start taking a small salary from the business (4-5k) so we can build up a bigger executive pension later.
We don't personally need to take out any money from the business currently but just wondering if it would be a good idea to start taking a small salary - does it some how help us make bigger executive pension contributions later on.
Thanks