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Profit extraction from an owner-managed company can be complicated and it is always best to speak to your accountant who knows your financial situation and circumstances. Any other income you receive will affect the calculations as will the financial performance of your company. 

The reduction of the dividend allowance, reduction of the main employee class 1 NIC and the changes to the corporation tax rate will affect the calculations in determining the best option. It is important to take a detailed look, using numbers, to work out the most tax-efficient way of paying yourself. It is a balancing method, and the level of salary, bonus or dividend will need to be compared to determine the most tax advantageous payment. 

It is also important to bear in mind that the employment allowance cannot be claimed by companies where the director is the only employee paid above the secondary threshold and therefore the only person for whom employers’ NIC is payable. 

How can we help dierctors? 

At TaxAssist Accountants we can help you with your company and personal finances, including remuneration planning. Call us on 0800 0523 555 to arrange an initial meeting or use our online contact form

Date published 12 Mar 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Catherine Heinen, FCCA

Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.

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