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Hello Ah,ed, I am one of the experts on Just Answer and pleased to be able to help you with your question.
Firstly pensions, either the company or you may make up to 40K of these in any one tax year or a combination of the teo. They are allowable against Corporation Tax (CT) [conpany's] or Income Tax (IT) [yours]. Dividends are tax free in your hands up to 5K [17/18] or 2K [18/19] but do not count in the CT computation. CT is at 19%. Wages are allowable against CT, but must be paid through PAYE channels with IT and NI deductions made. It is all a case of juggling it to see the most tax effective way for you personally never forgetting that you have a Personal Allowance (PA) of 11.5K to offset IT. Always bear in mind Benjamin Franklin's dictum that in life there are but two certainties, death and taxes!
That is the general outline, I do hope it helps.
The PA is 11.5K this tax year and 11.85K next. It counts against IT in the calculation and gross salaries count against CT. Pay As You Earn (PAYE), created in the 1940s, is a compulsory way of paying employees whilst deducting IT and NI. Incidentally, my Mother introduced to to the BBC payroll to much fury at the time. You cannot just draw money from a company, you must use PAYE.
Pension examples: your could pay 40K, the company could pay 40K or the company 20K and you 20K. Simple, as the meerkat in the TV advert would say. It can be to a private pension scheme.
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You will have to set up PAYE. That is what the company declares to HMRC for employee's remuneration. You will probably have to self assess, that is what you personally declare to HMRC as income and capital gains.
The PA is what you are entitled to receive free of IT.
35K profit less 10K pension contributions less 11K to an employee that would leave 14K liable to CT at 19% equals 2.66K tax due.
Thank you for your support.