I have a simple question;
If my company makes a profit, surely I can spend that profit on anything I want ? So lets say I want to buy a boat - I could buy that with company profits ?
Isnt that better than paying me a larger salary so that I can buy the boat myself ?The benefit is because PAYE is 42% while Company tax is only 12%.
Am I correct in this thinking ?
And if I am can I then get my company profits to buy my groceries, pay for my drycleaning, my holidays etc ?
Please let me know if this is allowable ?
If my company makes a profit, surely I can spend that profit on anything I want ? So lets say I want to buy a boat - I could buy that with company profits ?
Isnt that better than paying me a larger salary so that I can buy the boat myself ?The benefit is because PAYE is 42% while Company tax is only 12%.
Am I correct in this thinking ?
And if I am can I then get my company profits to buy my groceries, pay for my drycleaning, my holidays etc ?
Please let me know if this is allowable ?