Re: Thinking about going "limited", need advice...

On 30 Jan 2006 19:16:27 +0100, Simon Earl <simon@xxxxxxxxxx> wrote:


>However, another problem has now come to light. It seems that the
>most tax efficient method of drawing funds from the Ltd Co is to
>draw a lump sum as a director, within the current year's tax/ni
>threshold and draw the rest via dividends. What my dopey
>accountant failed to mention is that I cannot take a bloody
>dividend until the annual accounts have been done. So that's once
>a year at the *end* of the year!
>
>So, I must live on £4,895 for the entire year,

Nope you can do interim accounts. It costs but the accounts for the
months done already don't have to be re-done at the year end. But it
seems you don't get a 100% rebate for them. :-(

>and leave
>perfectly good cash lying around in the company until the end of
>the tax year. What bloody use is that?
>
>I clearly need to find someone who can advise on all aspects, and
>offer some 'clueful' foresight within that advice.

A decent accountant.

Where are you?

Be aware ISTM that accountants are a bit of a secret go-between a
small private client and the taxman. Mine does me no favours, though I
pay his bills, I have to come up with all the initiatives.

The trade off is I don't get odd probing telephone calls from the
taxman. With whom, it seems he has a good working relationship.

DG

.

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