Just when you thought he couldn't get more irritating.
This was his post:
Tax and NIC Threshold.
Don't want to pay any tax on salary or any NIC but make full use of Tax Allowance.
My young son is setting up a new start up business as an online store. Lives at home and absolutely all his personal financial needs are catered for by the parents. So not dependent financially on the business whatsoever. (wish I was that fortunate!) There is no income at all or from the past. Any profits will be withdrawn via dividends. So what optimal wage should he draw out whereby no tax or NIC is paid. How can the Tax allowance be integrated into this scheme to give him maximum benefit? No employees. Will he need to keep a payroll?
Since the OP has deleted their question, there is little point leaving this thread open. Again, and we can't stress this enough, don't delete your questions.
Any Answers is a place where accountants and finance professionals share knowledge and information.
Deleting your question is not within the spirit of this and makes reading the discussion a disjointed experience.
Replies (14)
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See your previous thread:-
https://www.accountingweb.co.uk/any-answers/tax-when-to-go-limited
Yep, got the message loud and clear.
5th time lucky then!
His personal financial needs are apparently catered for by his grandparents, given that you've already said you're living off your mum and dad.
https://www.accountingweb.co.uk/any-answers/tax-when-to-go-limited
Perhaps you could ask them to stump up for a paid for adviser and you could stop making up daft scenarios to try and wangle free advice?
Hi Duggimon,
Yes very fair point. Got the message loud and clear.
How many times do we need to recommend that you need an accountant?
If you want free general advice, there is plenty at gov.uk under Business and Self-employment.
If you want specific advice, you need to pay.
"Pay"? Or "invest"?
Hi Paul,
Fair comment. Should have engaged brain before posting!
Have deleted question now.
And the question is?
Credit to the OP for (finally) getting the message and for apologising.
Come back. You've left your toys behind. Your pram must be looking very barren.
Just when you thought he couldn't get more irritating.
This was his post:
Tax and NIC Threshold.
Don't want to pay any tax on salary or any NIC but make full use of Tax Allowance.
My young son is setting up a new start up business as an online store. Lives at home and absolutely all his personal financial needs are catered for by the parents. So not dependent financially on the business whatsoever. (wish I was that fortunate!) There is no income at all or from the past. Any profits will be withdrawn via dividends. So what optimal wage should he draw out whereby no tax or NIC is paid. How can the Tax allowance be integrated into this scheme to give him maximum benefit? No employees. Will he need to keep a payroll?
Since the OP has deleted their question, there is little point leaving this thread open. Again, and we can't stress this enough, don't delete your questions.
Any Answers is a place where accountants and finance professionals share knowledge and information.
Deleting your question is not within the spirit of this and makes reading the discussion a disjointed experience.