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Profit Extraction Tactics for 2022/23 (PDF)

All you need to know about tax efficient profit extraction incorporating the NI changes

A PDF Report about...

In a nutshell

This PDF Report fully informs you about the effect of the changes to NI thresholds on profit extraction – as announced in the 2022 Spring Statement – and helps you prepare for them. We cover a number of different scenarios and use worked examples to demonstrate the optimum outcome in each situation. We’ve factored in the previously announced increase in NI and dividend rates too. We also look at alternatives to salary and dividends with some ideas that will help squeeze further value out of your company ensuring you keep more of your hard-earned profit in your pocket.

In detail

The 2022 Spring Statement was relatively quiet in terms of tax policy announcements. However, there was a surprising decision to increase the Primary NI threshold to the level of the income tax personal allowance in 2022/23. As a result, director shareholders should urgently revisit their profit extraction planning, or they risk losing out. This PDF Report covers all you need to know:

  • The NI threshold changes in detail
  • Profit extraction planning for 2022/23, and does the 6 July implementation date make any difference?
  • Why the alternative treatment for directors' NI might cause problems for 2022/23
  • Thinking beyond salary and dividends: making your money go further
  • Looking ahead to April 2023 and the corporation tax hike

This PDF Report will help you to form a profit extraction strategy that will keep more of your profit in your bank account and not HMRC’s.

We've created this PDF Report especially for... 

Company directors and business owners that want to:

  • Get the profit out of their company in a tax-effective and legally safe way

Advisors and accountants that want to:

  • Help their clients develop a tax-effective profit extraction strategy

You'll get the following free extras with this PDF Report... 

An online service with ready-to-use documents

  • To immediately apply our advice and solutions in practice
  • That you can easily adapt to suit your own requirements

In this PDF Report you'll read about...

1. The NI changes in detail

1.1. Profit extraction changes for 2022/23

1.2. July staging date

1.3. The employment allowance

1.4. Other changes affecting profit extraction

2. The alternative basis for directors’ NI

2.1. Alternative basis v standard basis

2.2. Benefits of alternative basis

2.3. Extra considerations for 2022/23

2.4. Electing to use the alternative basis

3. Salary and dividends 2022/23

3.1. Optimal position

3.2. Single person company and no other income

3.3. Employment allowance is available

3.4. Director has other income

3.5. All income

3.6. Profits much higher

3.7. Undrawn profits

4. Making your money go further

4.1. Other options

4.2. Tax free benefits

4.3. Employer pension contributions

4.4. Savings allowances

4.5. Spouse as second shareholder

5. The corporation tax hike - April 2023

5.1. What’s changing in 2023?

5.2. Marginal relief

5.3. After-tax position

5.4. Mitigate the effect of the rate rise

5.5. Disincorporation

6. Documents

6.1. Dividend voucher

6.2. Distributable profits board minute

6.3. Dividend waiver

6.4. Director’s loan account record

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