Tax Efficiency

Just wondering if anyone knows of a tax efficient way of withdrawing money from a small company. The company would have little or no overheads. Withdrawing the income from the company is not immediately critical as ther would be other sources of income.
Is taking a salary the easiest way? Could a property be purchased by the directors and rented back to the company for use as offices. This rent effectively paying the mortgage repayments.

Check out this and post again if it doesn't answer your question.

Brendan

Thanks Brendan,
that has given me some ideas.

Hey
Just seeing if anyone knows, although you have to pay tax and prsi on money withdrawn from a business, can you withdraw your funds and pay the tax at the end of the tax year?

Keentoinvest said:

Hey
Just seeing if anyone knows, although you have to pay tax and prsi on money withdrawn from a business, can you withdraw your funds and pay the tax at the end of the tax year?

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You can, but you can also get it to pay your pension and PHI for example without being taxed.

contemporary said:

You can, but you can also get it to pay your pension and PHI for example without being taxed.

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Hey, I thought you had to pay the tax upfront so if you take out say 20k you can defer the tax payment until the end of the year investing it and paying it the followingb year. Sorry, just looking for clarification

Can you put a year end bonus into the accounts but put it through the wages system in the following year & pay the paye then - even if its a different PAYE year - or do you have to do a supplementary P35?