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*Child Maintenance: How To Extract Money From A Limited Company*
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*Transcript*
Just while we're talking about companies. It's worth pointing out there's several ways of taking income from a company. One of the methods is to take money as dividends which is perfectly fine. One of them is to take income as PAYE, i.e. as a salary, and the third option is the use of director's loans. Now I must caveat, there are two types of director's loans. There's the loan where the company director lends money to the company. Which is one type of loan, or there's a company loan where the company lends the director the money okay.
Now a lot of people in the past have got caught out because they figured that if they paid money from the company to themselves as PAYE, they would pay tax on it, and therefore they would pay CMS on it. Others have taken it as dividend income, and of course they've had to pay CMS on it because that's taxable but others have tried a third way and that third way, is where they get the company to loan it to them, and then they don't pay the loan back. Well that's as a strategy doesn't really work, because any dividends, sorry any loans from the company to the director, if they're not paid back within 9 months of the year end there's a tax liability okay. So you're not saving any tax whatsoever.
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*Chapters*
00:00 Ways to Take Income
00:19 Use of Directors Loan
00:54 What Will Trigger An FIU Investigation
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