Hi
I've set up a limited company and I would like to take a minimal salary because I use up all my lower tax band in my employment.
I will be working 20 hours a week for the company so I'm definitely an employee but I don't need the salary and don't want to pay 50% tax on it.
My question is, to be able to make pension contributions, entrepreneurial relief, annual gift card ect, I need to be deemed an employee of the company (I think).
So what would be the minimum salary acceptable?.
I'm waiting to hear back from my accountant on this but the more information the better.
Would appreciate any advice
Thanks.
I've set up a limited company and I would like to take a minimal salary because I use up all my lower tax band in my employment.
I will be working 20 hours a week for the company so I'm definitely an employee but I don't need the salary and don't want to pay 50% tax on it.
My question is, to be able to make pension contributions, entrepreneurial relief, annual gift card ect, I need to be deemed an employee of the company (I think).
So what would be the minimum salary acceptable?.
I'm waiting to hear back from my accountant on this but the more information the better.
Would appreciate any advice
Thanks.