Salary vs Dividends/Profit Extraction: How to take Money from the Company Efficiently (May 23)
Category: Tax | Duration: 1hr | Tag: VODUK2327 | Type: Video | Speaker: Barry Jefferd | Date: 02/05/2023 10:00
Course Details
Any shareholder or director running a successful, profitable business will want to know how they can extract the money they are making, from the company, in a tax-efficient manner. Without careful, proactive planning, and an awareness of relevant legislative changes, opportunities can be missed, and costly mistakes made. As accountants and advisers, your clients are relying on you to assist them with identifying profit extraction strategies that work for them, and to advise them on the impact of any tax changes, as they happen. This course will provide you with an overview of the most common profit extraction strategies, bring you up to speed on legislative changes affecting profit extraction in 2023/24, and give you some useful points to consider when talking to your clients, or in relation to.
In this course, Barry Jefferd discusses how directors and shareholders can extract money from their company in a tax-efficient manner, considering the impact that recent tax and legislative changes have had, whilst comparing salary and dividends as two key income streams.
The following key areas will be covered during the session
- The importance of planning proactively, in respect of profit extraction
- Salary and dividends as two key income streams, and the implications of taking one or the other, or a combination of the two, from a business.
- The tax treatment of salary and dividends for the individual and business, with reference to changes for 2023/24 – inc. interaction between dividends and Corporation Tax
- Full profit extraction and incorporation
- Brief insight into other profit extraction strategies – i.e., benefits, expenses and pension contributions
CPD Course Speaker
George Hay Chartered Accountants
Barry Jefferd
Barry Jefferd is the Taxation Partner at George Hay Chartered Accountants, a successful regional accountancy firm with offices in Cambridgeshire, Bedfordshire and Hertfordshire.
He is a Chartered Accountant, Chartered Tax Adviser and member of the Society of Trust and Estate Practitioners.
He advises on the complete range of taxes, with a particular interest in Capital Gains Tax, Inheritance Tax, and property and land transactions, and he lectures widely on behalf of Taxation Institutes who are providing training for other professionals.
Barry was one of the first accountants in the country to pass the Institute of Chartered Accountants in England and Wales’ probate qualification, and now heads up GH Probate Ltd – the probate division of George Hay – which has been providing non-contentious probate services for over 10 years.
He also supports other accountancy firms with probate services for their clients, where they may not offer the service themselves or otherwise require specialist advice.
He is also a director of GH Wills Ltd, George Hay’s division providing bespoke Will writing services.
Barry is the co-author of two publications; Tax planning, a joint publication between the UK200 Group and the Daily Telegraph, and the Innovation Handbook, endorsed by the Intellectual Property Office.
He is an expert in Share and Business Valuations and has appeared in both the High and County Courts as an expert witness.
As well as his services to clients, Barry offers a tax consultancy service for smaller practices throughout the UK, as well as advising on one off tax problems for other accountants and taxpayers.
He is currently Deputy President of the Association of Tax Technicians (ATT), the country’s leading professional body dealing with tax compliance.
He is a Chartered Accountant, Chartered Tax Adviser and member of the Society of Trust and Estate Practitioners.
He advises on the complete range of taxes, with a particular interest in Capital Gains Tax, Inheritance Tax, and property and land transactions, and he lectures widely on behalf of Taxation Institutes who are providing training for other professionals.
Barry was one of the first accountants in the country to pass the Institute of Chartered Accountants in England and Wales’ probate qualification, and now heads up GH Probate Ltd – the probate division of George Hay – which has been providing non-contentious probate services for over 10 years.
He also supports other accountancy firms with probate services for their clients, where they may not offer the service themselves or otherwise require specialist advice.
He is also a director of GH Wills Ltd, George Hay’s division providing bespoke Will writing services.
Barry is the co-author of two publications; Tax planning, a joint publication between the UK200 Group and the Daily Telegraph, and the Innovation Handbook, endorsed by the Intellectual Property Office.
He is an expert in Share and Business Valuations and has appeared in both the High and County Courts as an expert witness.
As well as his services to clients, Barry offers a tax consultancy service for smaller practices throughout the UK, as well as advising on one off tax problems for other accountants and taxpayers.
He is currently Deputy President of the Association of Tax Technicians (ATT), the country’s leading professional body dealing with tax compliance.