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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 640
Experience:  Accounting and Tax Expert
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I've recently received a term contracting position and I am

Customer Question

hello, I've recently received a long term contracting position and I am getting paid into my company account, not personally. I need to know how I can minimize tax and pay myself and potential non-tax events that can be taken advantage of etc. I was wondering if you can help with international company tax and how that applies to me personally as well
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 19 days ago.
Category: Tax
Expert:  Mo Tax Expert replied 19 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.


Customer: replied 19 days ago.
thank you
Expert:  Mo Tax Expert replied 19 days ago.

Do you have a Limited company?

Customer: replied 19 days ago.
the limited company already exists but is currently inactive, it's a UK company based in NI
Expert:  Mo Tax Expert replied 19 days ago.

Sorry, your question is not clear.

You are getting paid to your company, but the company is not active?

The company is registered in Northern Ireland?

Kindly explain further or if you prefer you can book a call.

Customer: replied 19 days ago.
I'll get paid to the company starting next week and yes, it's registered in NI
Expert:  Mo Tax Expert replied 19 days ago.

Do you own any other income?

Customer: replied 19 days ago.
no
Expert:  Mo Tax Expert replied 19 days ago.

Thank you for your reply.

The withdrawn thing to do is run a monthly payroll (for you) from the limited company to allow you to utilise your personal allowance. Next, keep all your allowable receipts to deduct as an expenditure.

As the directors of the Limited company, any further funds withdrawn will have to be via:

  • Wages
  • Dividends
  • Expense claims
  • Loan - which would need to be paid back within 9 months from the period end


Customer: replied 19 days ago.
okay thank you very much
Expert:  Mo Tax Expert replied 19 days ago.

You are very welcome.

I hope this completes your question for today.

Expert:  Mo Tax Expert replied 19 days ago.

Thank you for the inquiry. It is my pleasure to assist you today.