ButtermilkJa
Registered User
- Messages
- 660
Ok, now I feel badposted in error
Sorry for the rant but your answers are getting so predictable these days.
I agree. I have engaged the services of a reputable accountant in the area and even though it is costing me more than I was paying before, I feel the level of service I am getting is worth the extra money. I have seen from my recent tax returns this year he has already saved me the fee he is charging. I would always speak to him about any matter of my finances. This query is really more of a heads-up than anything else.It's good that the company is performing well and it's now that good tax/financial advice becomes money well spent ( and tax dedictible too )
Yes, his point makes sense. This is something I wasn't aware of before.Ubiquitous would be correct in the matter of share capital. Doesn't really make sense to pay up additional shares in a single member co.
Dividends are not tax efficient as you end up paying tax at your marginal rate on them.
Yes I am already claiming a salary of €34k and claiming all expenses I'm entitled to. In terms of a pension, I don't want to throw all the profits into a pension just yet in case I need the money for lean times in the months/years ahead. Also, the state of the economy and talk about falling pension funds has me doubting whether now is the time to start one at all? But I know what they say, the sooner the better... Maybe I'm being too cautious?Maximising standard rate extraction of salary and pension or other benefits before hitting high rate should be considered. At least you have extracted the funds and the salary/pension are CT deductible.
I had a sit-down with a financial advisor in my bank a few months back to go through the figures and options for pensions. I think I'll need a refresher on this however before I finally decide to start one up!Obviously any pension decision should be taken with appropriate advice from your advisor in that area.
I had a sit-down with a financial advisor in my bank a few months back to go through the figures and options for pensions. I think I'll need a refresher on this however before I finally decide to start one up!
Yes, that's something I've seen mentioned here a lot. I hadn't got a clue about pensions when I went into the bank that time and they offered me a free consultation so I thought it would be no harm to get up to speed. Since then I've been doing a lot of my own research and also gathering information from the pension providers directly. But I also ran it by my accountant in the summer and he said he would talk me through the whole thing when I was ready to go.As pointed out before, your bank won't give you impartial advice, and may in fact give you advice which may not correctly suit your circumstances. Better to talk to your accountant or an independent financial advisor.
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