5 Legal Ways to Extract Money from Your UK Limited Company

In this comprehensive guide, we'll walk you through the intricate process of extracting money from a limited company. Whether you're a business owner looking to pay yourself or a shareholder seeking dividends, this video covers everything you need to know. We'll discuss key dates you need to keep in mind for tax purposes, explore various tax forms required for different extraction methods, and provide two practical examples to illustrate the process clearly.
Key Dates:
Year-end dates for financial statements
Tax return filing deadlines
Dividend payment dates
Personal tax payment deadlines
Tax Forms:
Form CT600 (Corporation Tax Return)
Form P11D (Expenses and benefits)
Form SA100 (Self-Assessment Tax Return)
Form CT61 (Certificate of tax deducted)
Form DS01 (Striking off application by a company)
Examples:
Dividend Distribution: We'll demonstrate the step-by-step process of declaring dividends, ensuring compliance with legal requirements and tax obligations.
Salary Payments: Learn how to structure salary payments efficiently, taking into account PAYE (Pay As You Earn) tax and National Insurance contributions.
Hashtags:
#LimitedCompany #Taxation #Dividends #BusinessFinance #entrepreneurship
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US specific support
Open a UK or US bank account: wise.prf.hn/click/camref:1100...
Apply for an Individual Tax Identification Number (ITIN): www.optimiseaccountants.co.uk...
File backdated US taxes to the IRS: www.optimiseaccountants.co.uk...
Get a Cost Segregation study on US Real Estate Property: zjf538.isrefer.com/go/csf/Opt...
Set up a US LLC company: www.optimiseaccountants.co.uk...
Set up a US C Corporation: www.optimiseaccountants.co.uk...
Want reliable UK/US pension advice: planfirstwealth.com/
UK Specific
Set up a UK limited company: www.optimiseaccountants.co.uk...
Open a UK business and personal bank account and get £50: www.tide.co/partners/optimise...
Get a Stamp Duty (SDLT) refund: www.optimiseaccountants.co.uk...
Claim Capital Allowances on Furnished Holiday Lets (FHL): www.optimiseaccountants.co.uk...
#UKlimitedcompany #moneyextract #companyfinances #businessfinance #smallbusiness #entrepreneur #financialadvice #taxplanning #businessgrowth #financialmanagement #companyprofits #moneymanagement #businessstrategy #financialplanning #companyinvestment #businesssuccess #financialfreedom #companycashflow #moneytips #financialgoals

[@Simon-Misiewicz-US-UK-Taxes]

UK Corporation Tax Calculator www.optimiseaccountants.co.uk/what-is-a-uk-property-investment-company/uk-limited-company-corporation-tax-calculator/ Get free property investing education here simonmisiewicz.krtra.com/t/kCpRamw4ujdT Property tax basics guide www.optimiseaccountants.co.uk/types-of-uk-property-tax/

[@akhtaremco]

Btw great content, keep doing the good work

[@Simon-Misiewicz-US-UK-Taxes]

Thank you 🙏 that is very much appreciated

[@highgatehandyman6479]

Hey. really good video. so valuable

[@Simon-Misiewicz-US-UK-Taxes]

Thank you that is very much appreciated

[@ianabroad]

excellent info

[@Simon-Misiewicz-US-UK-Taxes]

Thank you, very kind of you 🙏

[@jamesnoz]

Adult parents lolz.. Love your content. Appreciate your time and effort.

[@Simon-Misiewicz-US-UK-Taxes]

You are very welcome. I am pleased they are entertaining 🤪

[@ianosiciliano1465]

Correct if I am wrong Simon. If I own a limited company and I pay myself a salary of £12,570, then, I would pay 13.25% interest on £3,470 which it would be an expense of £459.775 for the company right? Then, the company will be able to claim back that interest at the end of the year right? Actually, the company, should be able to claim back 19% on £3,470. This should be beneficiary for the company and for the employee who is actually paying some contributions towards the state pension which is good to keep it alive

[@Simon-Misiewicz-US-UK-Taxes]

I am not sure what the 13.25% relates to. Could you advise?

[@akhtaremco]

Can you pay pension standalone(no salary) out of ltd company spv for buy to let?

[@Simon-Misiewicz-US-UK-Taxes]

Technically this is possible. However, pensions are normally payable to paid employees or directors. It is possible for Hmrc to raise an enquiry as to the commerciality of making the pension contribution

[@johnfarnell749]

Great video as allways. Hove you a loan agrement i can down load ?

[@Simon-Misiewicz-US-UK-Taxes]

Sadly I do not have one but do a Google search for loan template and there will be plenty

[@andrewfallon2719]

The vouchers.. you said £50 every 2 months. Does this mean it’s £300 for company owner every 2 months ?

[@Simon-Misiewicz-US-UK-Taxes]

Hi Andrew £50 every two months resulting in £300 per year 👍

[@Shreddahtrades]

50k to 250k is not 26.5 , its done on a marginal rate so 250k profit is about 21.94% corp www.tax.service.gov.uk/marginal-relief-calculator/check-your-answers

[@Simon-Misiewicz-US-UK-Taxes]

Not quite The effective tax rate is applied to the entire profits. £100,000 has the marginal profits with 22.75% being £22,750 However if you take away £50,000 which is taxed at 19% being £9,500 The tax on the excess of £50,000 is therefore £13,250 (£22,750 less £9,500). This is 26.5% (£13,350 / £50,000). Does that help you navigate the craziness of corporation tax