Business Tipsfor paying yourself

Business Tip #1

Seek advice.

If you have an accountant, speak to them about how much money they think you should be

taking from the business as salary. If you don't have an accountant, why not?!

Business Tip #2

Do some research.

Find out what business owners in your industry (or a close equivalent) tend to pay themselves

and get an average figure in your mind.

Business Tip #3

Company structure.

Don't forget that the company structure that you decided upon will have an effect on pay. Salary

and bonuses must be taxed differently to dividends.

Business Tip #4

Be sensible.

Don't pay yourself too much or it will harm the business. Don't pay yourself too little or the

taxman will be suspicious. Accounting software will help you work out

how much you should be paying.

Business Tip #5

Compensate yourself fairly.

If you paid yourself very little in the early years of your business, don't be afraid to compensate

yourself now.

Business Tip #5

Compensate yourself fairly.

If you paid yourself very little in the early years of your business, don't be afraid to compensate

yourself now.