32 surprisingly easy ways to take money out of your business, be more tax efficient and improve your life

November 18, 2022 ACG Accounting Services

32 surprisingly easy ways to take money out of your business, be more tax efficient and improve your life

Fact: It’s our job to save you money and help your business to run in the most tax-efficient way possible.

Whatever your business structure, we’re here to ensure you get the maximum value from your business.

Find out more about the 32 Ways tax review.

Let’s give you an example.

In this case, for a limited company.

Let’s call our client, Sam and the child, Max (the child must be over 13 years of age).

Max was issued a contract and worked part-time in the company - on Saturdays and during school holidays.

Max could be paid up to £12,500 in the tax year with this arrangement.

If that money were invested into a Vanguard ISA tracker in the S & P 500 (a market index that represents the performance of about 500 companies in the United States), with a 10% return compounded monthly, any googled compound calculators would show £1041 invested monthly and compounded over 5 years would = £82,324.76; over 10 years = £216,061.65 (just under the target figure) and over 20 years £798,131.48 - Compound Interest Calculator | Investor.gov.

With the right taxation strategy connected to the company and children, if the money is reinvested, they can all be paid for, potentially, within 10 years.

And that is with a slight adjustment of bringing one of the children into the company.

How is this bit relevant? ⬇️⬇️⬇️

Company pay into director’s pension

Suggested SASS Pension Scheme = Small Self-Administered Scheme
Life Assurance
Staff Functions

That’s just one example, and there are 32 ways to take money out of your business and improve your life and that of your family and employees.

Are all of these ways relevant to me and my business?

Quick answer, no, only some of them for every business.

And, it could be that you are already doing a few of them - fantastic.

But what if there were still more ways…?

What would you do with the extra savings?

A dream trip to…where exactly is on your ‘most wanted’ places to visit list?

An extension to the house, so the family have more room to spread out and not cause chaos?
Upgrade the car, kitchen, camper van - you name it!

Surprisingly easy?

Yes, we don’t ‘do’ complicated.

We offer you a straightforward tax diagnostics review service.

Every business owner can extract loads of value from their business; you just need to know what’s relevant.

Improve Your Life with the Value Extracting Tax Diagnostic Review Service

What do we do?

Analyse your business and personal circumstances against the 32 ways, identifying how you can tax efficiently put things through the company or take value out of the business, benefitting you, your family, and your employees.

The review covers all the relevant areas of tax whilst applying your personal, business, and financial situation.

These are things that relate to you, your family, your life, and your business.

Depending on your business's lifecycle, there are different tax diagnostic reviews.