Forbes Finance Council’s Post

Let's talk about something fun today - tax-efficient ways to pay yourself. Your salary 💼 - Yep, get yourself on the payroll. Give yourself a tidy salary, and you'll pay Income Tax and National Insurance. Dividend delight! 🎉 - If you're a shareholder in your limited company, serve up some dividends. They come with a lower tax rate, making your wallet and HMRC smile! Draw like a pro! 🎨 - Sole trader or in a partnership? You can take owner's drawings! Super simple, but remember, it's not as tax-friendly as dividends. Pension party! 🎈- Planning for the future and saving on taxes? Now, that's a party! Contributing to your pension can be tax-efficient and sets you up for retirement success. Mix & match magic! 🎩 - Why pick one when you can have it all? Many savvy business owners use a combo of these methods to optimise their income and minimise taxes. It's like a financial buffet! Pro advice 🤝 - And the golden rule? Always consult with a tax professional or accountant who knows the ins and outs of UK tax laws. They'll guide you to the tax-saving treasure chest! Pay yourself like a pro and keep those tax bills in check. Remember, it's not just about earning money; it's about earning it the smart way! 💡 Need support with this? We have limited spaces to work with us this month, so book your FREE clarity call via the link in bio to see how we can help you… #taxefficiency #payyourself #salarystrategies #dividendincome #ownerdrawings #pensionplanning #taxsavings #financialstrategy #mixandmatch #taxminimization #smartincome #taxprofessionals #financialadvice #UKtaxlaws #taxplanning #financialbuffet #incometips #retirementsuccess #taxfriendly #moneymanagement #taxplanning #financialstrategies #budgetingtips #bookkeepers #socialmediamanager #ecommercebusiness #socialmediaagency #smallbusinessuk #isleofwight #isleofwightbusinesshttps://lnkd.in/eEaYgvkw

Deciphering the High Costs of Taxes for Self-Employed Individuals: 🤝 Unlike employees who share the burden of Social Security and Medicare through payroll taxes (15.3%), self-employed individuals face a distinct challenge. As an employee, your employer typically covers half of the payroll taxes (7.65%), leaving you responsible for the other half (7.65%). 😩 For the self-employed, the entire 15.3% falls squarely on your shoulders. ✅ However, there's a promising alternative for the upcoming year: operating as an LLC taxed as an S Corp. This strategy involves dividing your income between employee wages and business profits. Sounds like a great start to the New Year, doesn't it? 🤩 💸 Here's the kicker: You're required to pay income taxes on all your earnings, but the silver lining is that you only owe self-employment tax on your wages. Depending on the distribution of your paychecks and total income, this approach can translate to substantial annual savings, potentially amounting to thousands of dollars.

Payroll taxes can feel daunting... ...but fear not! With the right knowledge, expertise, and a dedication to financial integrity, you can not only navigate tax season but thrive. Our latest article will help you— 1️⃣ Understand payroll liabilities inside out 2️⃣ Begin crafting a strategy to solidify your financial foundation 3️⃣ Execute your plan with the support of seasoned professionals https://buff.ly/43QzbUD #FinancialFreedom #CapitalConceptsUSA #TaxLiabilities #TaxSeason #FinancialStrategy

Check out our latest blog post ‘Unveiling The Autumn Statement 2023’ 🍂💰   🔗 https://lnkd.in/e5KYg-Jc   In this 10-minute read, we go over everything you need to know about the Autumn Statement. Whether you're a business professional, investor, or simply curious about economic updates, this blog post is a must-read. It’s important to know how new implications can affect your business and your workers!🔍   But that's not all! We invite you to join us for a deeper dive into the Autumn Statement during our upcoming webinar on December 6th. This is your chance to ask all those burning questions that you want answers to.    📆 Save the Date: 6th December 2023 🕒 13:00 – 14:30 GMT 💻 (teams link) 🚀 At Rocket Paye, we’re always at hand to give you the advice you need for the tax and payroll world. We look forward to some great discussions at our Webinar and hope to see lots of our LinkedIn community there!   #AutumnStatement #EconomicUpdates #FinanceReads  

Considering hiring your child at your business this summer? ☀️ Discover the tax benefits and important considerations. From payroll tax exemptions to IRA contributions, make the most of this opportunity while ensuring compliance. ⬇️ #BusinessTips #TaxBenefits #FamilyBusiness #HamiltonTharp

Wondering why your W-2 form doesn't match your last pay stub of the previous year? Curious about the differences between your W-2 form and your last pay stub of the year? Our latest blog article delves into the details to help you understand why they may not match. Gain insights into the key distinctions between W-2 and pay stubs and why it matters for your taxes. Read the full article now to stay informed! https://lnkd.in/g_gt8QeC #W2 #PayStub #TaxSeason

If you’re a business owner, the odds are that you are significantly overpaying on payroll taxes. Now, you can use the same payroll strategy that big corps have been using for decades. Reach out to us to learn more. Stop giving all your hard earned money to the IRS. https://lnkd.in/dNuDCf9i

Payroll tax debt can potentially become an incredibly serious burden for businesses and individuals, regardless of the size. Frankly, at this point in time, avoiding IRS Penalties is extremely vital. It is very important to address the issue, before it is too late, in order to avoid any form of penalties and interest charges. Truly, any form of debt that accrues over time is frightening. The Internal Revenue Service (IRS) can actively take aggressive actions in order to collect unpaid payroll taxes, including seizing bank accounts, liens on business assets, and often immediately shutting businesses down. Explore further 👇 https://buff.ly/3rpaeAJ #BestTaxPro #taxes #taxreturn #taxplanning #taxhelp