Top 5 Tips for Paying Yourself

!cid_CF682DD0-D4EF-4328-A711-50E49F677CDC The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

  • If possible, get some advice from your accountant regarding the level of pay you plan on taking from the business.
  • Research the going rate for CEOs in your industry.
  • Learn about how your company structure affects pay.  Salary and bonuses are taxed differently to dividends.
  • Don’t pay yourself too much or you will harm the company.  Don’t pay yourself too little or the taxman will be suspicious.
  • If you paid yourself very little in the early years of trading don’t be ashamed to compensate yourself when the business becomes successful.

If you have additional tips, please share them in the comments section.

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