Hi guys,
Please forgive the simplicity of my questions here, I've not been able to find out too much about it with a bit of research thus far.
Let's say I own a Ltd company, I'm the sole director and own 100%
My company makes €100,000 profit in the first year, after I've paid all the costs/expenses/VAT etc that's what I have left in the bank. I have no employees and have paid myself no salary.
What's the best/most tax efficient way of me getting this money out of the company and into my bank account?
(1) Is corporation tax paid before or after salaries? Ie must the company pay corporation tax on the €100,000 before the company pays me a salary?
(2) Can the company just pay me a salary of €100,000? I realise that with Employer PRSI, and higher band income tax I'm not going to see all that much of the €100,000 but is that how it's done?
(3) Is there a better way of extracting money from the company?
Would really appreciate any advice on this!
Thanks
Please forgive the simplicity of my questions here, I've not been able to find out too much about it with a bit of research thus far.
Let's say I own a Ltd company, I'm the sole director and own 100%
My company makes €100,000 profit in the first year, after I've paid all the costs/expenses/VAT etc that's what I have left in the bank. I have no employees and have paid myself no salary.
What's the best/most tax efficient way of me getting this money out of the company and into my bank account?
(1) Is corporation tax paid before or after salaries? Ie must the company pay corporation tax on the €100,000 before the company pays me a salary?
(2) Can the company just pay me a salary of €100,000? I realise that with Employer PRSI, and higher band income tax I'm not going to see all that much of the €100,000 but is that how it's done?
(3) Is there a better way of extracting money from the company?
Would really appreciate any advice on this!
Thanks