Clarke Nicklin have published their top Tax Tips & News in their April newsletter, designed to give tax tips and news to keep one step ahead of the taxman.
Clarke Nicklin’s Managing Partner Andrew Baggott comments:
“We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
“As a director and shareholder of your own company, you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way. Any further funds you need can be extracted as a dividend if the company is making a profit.”
Andrew continues:
“If you are a director of your company and you don’t have a contract that sets out terms of employment with the company, you don’t have to pay yourself the national minimum wage. So how much should you pay yourself?”
Businesses who operate as an LLP need to be aware of the change in tax treatment of certain LLP members from 6 April 2014 as members who meet certain conditions will be taxed as employees.
To read all the latest top tax tips and advice from Clarke Nicklin visit their WEBSITE
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