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A lot of new business owners ask me - how do I take money out of my limited company? Some things to bear in mind: Payroll - speak to your accountant as to whether payroll makes sense for you as a business owner. A lot of my clients take a salary of £12,570 as their Ltd company is their sole source of income. Employment allowance - check if you are eligible as this can reduce your employers NI bill (must be more than one director on payroll). Pension contributions - can reduce your corporation ta
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I set up an LLC family management company, placed my daughter on payroll, and opened a Roth IRA in her name. $7,500 contributed every year until she turns 18. By 18 there will be around $200,000 to $300,000 in the account. By 65, at a conservative 8.5% return, that grows to $6.5 million in tax-free wealth. The LLC structure avoids the payroll tax issue that comes with placing kids on an S-Corp or C-Corp payroll. That is what makes it work. Comment WEALTH if you are a millionaire to get a free ta
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TikTokkarltondennis
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