MANAGING A NEW BUSINESS (please help!)


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Hello,

My Dad and I have just started a new building Design business as co-directors. It is a limited company.

The money we earn goes into an account where my Dad has a credit card.

Money for designs we do goes in through cheques.

Money that I personally earn from free lancing for another company also go in. I am not an employee of this company. I invoice him every 2 weeks

The money I earn is all of the free lancing money for this other company and half the money my Dad and I earn.

What is the most tax efficient way of getting this money out without having to pay national insurance to my personal bank account.

Any advice is much appreciated.

Thanks Stuart
 
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Joined
Sep 23, 2011
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Hello,

My Dad and I have just started a new building Design business as co-directors. It is a limited company.

The money we earn goes into an account where my Dad has a credit card.

Money for designs we do goes in through cheques.

Money that I personally earn from free lancing for another company also go in. I am not an employee of this company. I invoice him every 2 weeks

The money I earn is all of the free lancing money for this other company and half the money my Dad and I earn.

What is the most tax efficient way of getting this money out without having to pay national insurance to my personal bank account.

Any advice is much appreciated.

Thanks Stuart
Hi Stuart

Chartered Accounting firms do this sort of thing for a living and get time extensions from IR and relieve you of the stress over filing dates, missing payments, penalties etc. They are strictly governed by both the accounting body and the IR also audit them quite frequently. So depending on your income I would advise seeking one out.

I'd ask them about structuring your affairs by allocating part salary, part pension and part dividend and throw in a trust for good measure (if you have any assets you want to safeguard).

I can't advise on which accountant you should go to, but if you'd like I can advise of the pros/cons of the types of firms.

Best of luck and let me know if you have any further questions.
 
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Joined
Nov 23, 2011
Messages
3
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0
Hello,

My Dad and I have just started a new building Design business as co-directors. It is a limited company.

The money we earn goes into an account where my Dad has a credit card.

Money for designs we do goes in through cheques.

Money that I personally earn from free lancing for another company also go in. I am not an employee of this company. I invoice him every 2 weeks

The money I earn is all of the free lancing money for this other company and half the money my Dad and I earn.

What is the most tax efficient way of getting this money out without having to pay national insurance to my personal bank account.

Any advice is much appreciated.

Thanks Stuart
Hi Stuart,

We would be happy to provide a quote for you re this matter. Get in touch via our website and we can have a proper discussion about your needs.

Ben
 

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