Hi,
I plan on moving to Australia from Ireland.
I am a contractor in Ireland and work through my own LTD company structure. i.e. I invoice clients monthly though this LTD company structure. I and my wife are the company directors. There are no other staff.
Normally I take all the money out of my company each year as PAYE income & company pension contributions leaving no profit / no corporation tax.
I also have a Small self-administered pension which the company paid to set-up a number of years ago and the company pays the annual administration costs.
I have two questions.
1. Is there an favourable tax relief I could avail of by building money up within the company over a couple of years prior to emigrating? i.e. take low PAYE income and build up profits in the company (subject to corporation tax) and eventually take the profits out of the company through some form of favourable efficient tax redundancy.
2. What happens to myself self-administrated pension if I wind the company up. I have ~€100k in the pension which I have previously funded through company contributions? Can I continue to maintain this pension structure?
Any help would be greatly appreciated.
I plan on moving to Australia from Ireland.
I am a contractor in Ireland and work through my own LTD company structure. i.e. I invoice clients monthly though this LTD company structure. I and my wife are the company directors. There are no other staff.
Normally I take all the money out of my company each year as PAYE income & company pension contributions leaving no profit / no corporation tax.
I also have a Small self-administered pension which the company paid to set-up a number of years ago and the company pays the annual administration costs.
I have two questions.
1. Is there an favourable tax relief I could avail of by building money up within the company over a couple of years prior to emigrating? i.e. take low PAYE income and build up profits in the company (subject to corporation tax) and eventually take the profits out of the company through some form of favourable efficient tax redundancy.
2. What happens to myself self-administrated pension if I wind the company up. I have ~€100k in the pension which I have previously funded through company contributions? Can I continue to maintain this pension structure?
Any help would be greatly appreciated.