Running your own business or setting up one from scratch can be an exciting process. There are many things we must factor in to allow a company to run in an efficient way and putting a well planned, tax effective remuneration plan into action should remain a top priority.
Remuneration is a form of payment or compensation received for services or employment within a company. This includes allowances, any benefits (medical plan, company car, etc) a base salary, any bonuses or other economic benefits that an employee or executive receives during employment.
First and foremost, your remuneration plan must be easy to understand, workable and acceptable. In addition to this, any remuneration scheme must have two components – a base rate and the scope for.
In short, a well planned, tax effective remuneration plan can be put in place to help increase the value that you offer to your employees without increasing the cost to the business.
If you are uncertain on the next steps, or simply not sure how much you can pay yourself, the team at NAVTAX will work with you to understand your goals and aspirations ensuring your remuneration plan is tailored to meet these in the most tax efficient way possible.