Completely agree.Apart from the voucher point, all of your "pro" points are highly dubious.
It's generally not worth having a company for a business with 30k annual profit.
Why would a taxi operator need a home office?
How are they highly dubious?.Apart from the voucher point, all of your "pro" points are highly dubious.
It's generally not worth having a company for a business with 30k annual profit.
Why would a taxi operator need a home office?
How are they highly dubious?.
Yet your query referred to operating a taxi as a limited company.I operate tours and need a laptop, printer, electricity, phone, WiFi ect. Would this not be considered a home office?.
I think you're trolling tbh.They're each based on nebulous or counterproductive assumptions.
Paying a dividend for example will increase your tax burden, not reduce it.
Yet your query referred to operating a taxi as a limited company.
Are you trolling?
Any questions?I still can't see what you consider "highly dubious" about this?.
My account want's to meet to talk about it but initially he doesn't see anything wrong with my proposal?.
Would love to hear a few different opinions tho if anyone has any?.
Great to hear. Thanks for the tip. Greatly appreciated.Looks fine to me , a couple of points
- Dividends are not tax-deductible so just take any additional income as regular salary and pay tax.
- I wouldn't consider "less disposable income" as a con of a ltd company. It is a decision you are making for future betterment.
Just looking to see if the framework looks ok as a limited company would be completely new to me. Or for any tips/advice.Any questions?
Yes point taken about the dividend. Thanks.The company paying CT on profits and then the company distributing profit as dividends and the individual paying tax on that makes it less tax efficient than taking salary
The company can't contribute to a pension in excess of wha would provide you with 2/3 of your salary in retirement, amd you're not taking a salary.
You could split the company revenue after costs into salary and pension.
If you're a tour operator, you could probably justify home office expenses.
This is gone since 2022 finance act, only real restriction is to keep fund below €2mThe company can't contribute to a pension in excess of wha would provide you with 2/3 of your salary in retirement, amd you're not taking a salary.
The company can't contribute to a pension in excess of what would provide you with 2/3 of your salary in retirement, amd you're not taking a salary
Somewhat hysterical to call it dangerous. Happy to be corrected if out of date or otherwise wrong.Completely wrong, but said with complete conviction, making it all the more dangerous.
The plan sounds okay to me, other than the dividend point, but you’d just take additional salary if you needed money and it’d be deductible for corporation tax purposes.
There’s also the flexibility to employ a spouse and get additional 20% rate band if the employment is legitimate.
Missed that change. Thanks.This is gone since 2022 finance act, only real restriction is to keep fund below €2m
Why dish out advice or feel entitled to have a view at all if you’ve no clue what’s going on?Missed that change. Thanks.