Tax adviser
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Post a project like this£40(approx. $50)
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Description
Experience Level: Entry
We need to have a simulation for the best possible way for the director who is also a shareholder to extract funds in a company.
Background information
Director who is also 100% shareholder in Company A.
The activity of the company is IT Consultancy.
Sales: £9,500 per month.
Expenses: £500 per month. The main expenses will be food, travel and our fees. In addition, salary of £732 per month each for the director and his wife.
The director/shareholder will be resident in UK for 2020-2021 tax year. He wants calculations for the best possible way to extract funds from the company.
We have advised him for the minimum salary and dividends but he also wants to know the difference in corporation and income tax between taking salary + dividends and just having a salary from the company.
In addition, another simulation to be prepared if he was to transfer let say 40% of shares to his wife, what would be their total tax liability?
This needs to be prepared in excel, with proper formulas and clear calculation.
CONDITIONS:
- YOU MUST BE A UK ACCOUNTANT/TAX ADVISER.
- ACCOUNTANT NOT UK RESIDENTS WILL NOT BE CONSIDERED
- IF YOU ARE NOT A QUALIFIED ACCOUNTANT OR TAX ADVISER, DONT BOTHER.
Background information
Director who is also 100% shareholder in Company A.
The activity of the company is IT Consultancy.
Sales: £9,500 per month.
Expenses: £500 per month. The main expenses will be food, travel and our fees. In addition, salary of £732 per month each for the director and his wife.
The director/shareholder will be resident in UK for 2020-2021 tax year. He wants calculations for the best possible way to extract funds from the company.
We have advised him for the minimum salary and dividends but he also wants to know the difference in corporation and income tax between taking salary + dividends and just having a salary from the company.
In addition, another simulation to be prepared if he was to transfer let say 40% of shares to his wife, what would be their total tax liability?
This needs to be prepared in excel, with proper formulas and clear calculation.
CONDITIONS:
- YOU MUST BE A UK ACCOUNTANT/TAX ADVISER.
- ACCOUNTANT NOT UK RESIDENTS WILL NOT BE CONSIDERED
- IF YOU ARE NOT A QUALIFIED ACCOUNTANT OR TAX ADVISER, DONT BOTHER.
Rakoto R.
93% (18)Projects Completed
26
Freelancers worked with
26
Projects awarded
16%
Last project
6 Jul 2021
United Kingdom
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Hi Again Rakoto,
I have worked out the PAYE/Dividend ratio on a spreadsheet. I do believe that the information you gave is not complete. There must be other tax deductible expenses.
The option of making the directors wife a shareholder is attractive for both the director and his wife. I am happy to share all the calculations and explain the pro and cons.
The spreadsheet i have created will give you the ability to play around with the share % between director and his wife as well as the salaries paid to them to create the most optimal tax planning tool.
Please let me know if i could help further.
Thanks
954743
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