Monday, January 2, 2017
Uk Limited Company- Taking Money Out
If you want the company to pay you a salary, expenses or benefits, you must register the company as an employer with HM Revenue and Customs
The company must take Income Tax and National Insurance contributions from your salary payments and pay these to HMRC, along with employers’ National Insurance contributions.
If you or one of your employees makes personal use of something that belongs to the business, you must report it as a benefit and pay any tax due.
Your company mustn’t pay out more in dividends than its available profits from current and previous financial years.
You must give a copy of the voucher to recipients of the dividend and keep a copy for your company’s records.
Your company doesn’t need to pay tax on dividend payments. But shareholders may have to pay Income Tax if they’re over £5,000.