Ok, alittle more info
There are 2 directors of the company, and we jointly own 1 of the 2 factories of which we work from. Will split everything 50/50. There is no mortgage on the property.
Currently earn approx 42k gross
At the beginning of this year, set up a new pension, 1k per month each
Company is now 5 years old, and is running good, reaching much higher than expected profits for 2015.
Looking to increase directors income, and was curious to see would it be beneficial to pay ourselves rent instead of wage/salary from a tax point of view. Obviously any increase in salary will incure 50%+ tax
Iv yet to discuss with our accountant. I'm considering making an appointment with a good tax consultant as I have another few issues I'd like clarified.
Thought I'd ask here first, so as to be prepared, and seems like some good information on here too
Any advice appreciated