CIS - Expert Tips on How to Pay Yourself from Your Construction Company (CIS Series: 5)

CIS - Expert Tips on Paying Yourself from Your Construction Company Are you a construction business owner and not sure how to pay yourself the most efficient way? In this video, we'll show you step-by-step how to pay yourself from a construction company and cut back on your tax bill. Whether you're a small business owner or a contractor, it's important to know the proper way to handle your finances and pay yourself a fair salary. From understanding the limitations of declaring yourself as a subcontractor to exploring different payment methods like salary and dividends, we've got you covered. We'll also discuss the importance of claiming all your expenses, the benefits of interest on the director's loan account, tax relief on pensions, and the significance of doing tax calculations beforehand. Join us in this CIS - Construction Industry Scheme Series episode as we equip you with the knowledge and insights to manage your personal finances within your construction company effectively. Don't miss out on this valuable information for construction business owners. Watch now! MDH Accountants is an award-winning firm based in Accountants Surrey and Accountants London. Our Director, Michael Hemme is known as the Wealth Whisperer! If you like this video, don't forget to Subscribe to our channel! Watch our Benefits of a Limited Company video here: https://youtu.be/dByyPVsEuko Time Stamps: 00:00 - Intro 00:45 - You cannot declare yourself as a subcontractor 01:28 - Salary 02:09 - Dividends 02:55 - Are you claiming ALL of your expenses? 03:55 - Interest on Directors Loan Account 04:43 - Tax Relief on Pensions 05:55 - Do your tax calculations beforehand 06:55 - Keep up with the tax changes 07:25 - Get professional help Contact Us & Book a Meeting Calendly: https://www.mdh.me.uk/book-call/ Business Growth Book https://www.mdh.me.uk/get-your-copy-of-our-book/ Tax Saving: 74 Ways To Pay Less Tax https://www.mdh.me.uk/74-ways-to-pay-less-tax/ Funding: A Free Guide for Business Owners in The UK: https://www.mdh.me.uk/funding-guide-uk-business-owners/ ___________________________________________________________ Say Hi on Social Media: Facebook: https://www.facebook.com/AccountantsLondon Linkedin - Michael: https://www.linkedin.com/in/michaelhemme/ LinkedIn - MDH: https://www.linkedin.com/company/mdh-business-advisers-limited/ Instagram: https://www.instagram.com/mdhaccountants/ TikTok: https://www.tiktok.com/@mdh_accountants #constructionfinance #contractorpayroll #constructionmanagement Content ID JVNBVHMETVTOAEDL https://youtu.be/j68p_w2ONE0