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I have a friend that is nearing the end of their first years trading as a Ltd company - They have £65k RETAINED Profit (after already taking dividends of £19k).
They forsee a great year next year and therefore want to take out as much Dividends as they can this year (reaping the benefits of lower personal tax).
After considering taxes payable and the necessary Y/E Accruals etc they want to know how much they can take out of the business this year. Is their a recomendation / calculation of how much % needs to be held back as reserves?
Any pearls of advice would be appreciated!
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