T
TJC
Guest
Hi all,
This is my first post, so apologies if my questions are basic & probably have been duplicated elsewhere !
I started a small business 5 years ago & have been trading as a sole trader up until 01/01/12 when I changed to a Ltd company - my wife & I are the directors in the new company. The business is making a small profit, I work part time also in a PAYE role, as the business does not make enough profit for us to live on. My questions relate to the following, as we now trade as a LTD company :
Many thanks for your help - great site !
This is my first post, so apologies if my questions are basic & probably have been duplicated elsewhere !
I started a small business 5 years ago & have been trading as a sole trader up until 01/01/12 when I changed to a Ltd company - my wife & I are the directors in the new company. The business is making a small profit, I work part time also in a PAYE role, as the business does not make enough profit for us to live on. My questions relate to the following, as we now trade as a LTD company :
- Pension : I setup a PRSA when I was trading as a sole trader and have been contributing smalls sums to this for the past 3 years, my wife does not have a pension plan currently. Is there a tax benefit if I set up a company pension now in preference to a PRSA ?
- Life insurance : Currently, we both have private life insurance policies, which costs us about €2,000 per year in total - as we are both directors in the new LTD company,is there a tax benefit if I pay this through the business ?
- Income continuance : I currently do not have any such cover now, are there any tax savings if this is paid through the company also ?
Many thanks for your help - great site !