Armstrongracer
Registered User
- Messages
- 26
I'm a Ltd company contractor with myself as director and no other employees, Ive just taken on a permanent role and want to wind down my Ltd Co but need to minimise my liabilities and maximise my earnings from contracting because I'm taking a big drop in salary and things will be tight going forward. This is the state of play
- My vat is up to day with revenue but I was stupidly busy (working away) in 2024 so lived off personal savings and havent yet paid myself any salary from the company in 2024.
- Have a sizeable surplus in the company account (approx 6 months salary) because I was always prudent as a contractor and paid myself less than I was earning in case I had a gap between contracts and would still need to pay myself even though there would be no income coming in.
- This prudence could well bite me big time if I just pay everyting out thats left in the company account as salary, as all of this surplus will be taxed at the upper income tax rate.