Dealings between a private company its shareholders and directors have tax implications

The failure to recognize that a private company is a separate identity and that dealings between the company its shareholders and directors have tax implications is a misconception which causes tax payers a steady stream of problems. The fact that companies and individuals have difference tax rates creates tax complexity, allowing for deliberate or sometimes accidental tax planning. It makes tax sense for shareholders and directors to use company profits, say by way of loans or use of assets owned by the company, instead of the company paying taxable dividends to them. Care should be taken when there is any transfer of funds or assets between the company and the shareholders.

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