Hi Folks,
I am a director in my own limited company ( I am the only company employee)
If I pay corporation tax on my profit, am I right to think that if i take any of the remaining money in the company i.e post tax balance for my personal use then I pay PAYE on anything I take out of the company.
Reason I ask if I want to take the money out of the company am I not better just taking out the full whack, paying my PAYE and not bothering about corporation tax....because if I pay corporation tax, then pay PAYE on the remainder am I just costing myself an additional 10% tax for nothing?
ANy advice would be hugely appreciated
Thanks Ella
I am a director in my own limited company ( I am the only company employee)
If I pay corporation tax on my profit, am I right to think that if i take any of the remaining money in the company i.e post tax balance for my personal use then I pay PAYE on anything I take out of the company.
Reason I ask if I want to take the money out of the company am I not better just taking out the full whack, paying my PAYE and not bothering about corporation tax....because if I pay corporation tax, then pay PAYE on the remainder am I just costing myself an additional 10% tax for nothing?
ANy advice would be hugely appreciated
Thanks Ella