Hi all
Long time lurker, first time poster.
Having been an employee of a (less than 10 employees) Ltd company for 15 years, due to the retirement of the current MD (my father) I am now in the position that in the coming months I will become MD and majority shareholder.
A big step, but I know the business and the loyal staff well. Most of our business is export and we have ridden out the recession. A bit rough for a few years but broke even in 2011/2012, made a small profit in 2013 and the first 6 months of this year are already better than this time last year - some further new business and opportunities about to come to fruition in the near future also, in short, I'm cautiously optimistic.
I already have some cost cutting ideas for example. What I'm looking for is any pointers/advice from anyone who has been in this position: PAYE to MD.
For the moment I'm thinking mostly from a personal finances situation - e.g. I realize that I will lose tax credits and will need to bump up my salary a little to compensate. I realise the implication for contributions/jobseekers.
Just looking for a few dos and don'ts maybe from the more experienced here?
Thanks
Long time lurker, first time poster.
Having been an employee of a (less than 10 employees) Ltd company for 15 years, due to the retirement of the current MD (my father) I am now in the position that in the coming months I will become MD and majority shareholder.
A big step, but I know the business and the loyal staff well. Most of our business is export and we have ridden out the recession. A bit rough for a few years but broke even in 2011/2012, made a small profit in 2013 and the first 6 months of this year are already better than this time last year - some further new business and opportunities about to come to fruition in the near future also, in short, I'm cautiously optimistic.
I already have some cost cutting ideas for example. What I'm looking for is any pointers/advice from anyone who has been in this position: PAYE to MD.
For the moment I'm thinking mostly from a personal finances situation - e.g. I realize that I will lose tax credits and will need to bump up my salary a little to compensate. I realise the implication for contributions/jobseekers.
Just looking for a few dos and don'ts maybe from the more experienced here?
Thanks