Withdraw profits

[dd156]

I have been managing on my personal savings so far but wondering that now that there is a bit of profit, can I start drawing a salary?
My solicitor said you can't pay yourself in the first three years but I am finding it tough to handle all bills as it has been a long time.

[Faheemryk]

You can definitely withdraw a salary.

Your salary is not counted towards investment.
But There is no restriction on you to take salary.

I am on same visa. From the day 1, I am taking monthly salary.
Its perfectly fine.

[dd156]

So if I take a salary of £1,000 for one month from the profits, I still have to invest extra- in this case £51000 instead of £50000?

[Legal83]

you have to take a monthly salary, if solicitor said to you, not to take salary or dividend, then please change your solicitor. how can some one doing a business and not taking salary & dividend.

[Faheemryk]

Your salary comes from business operating expenses. Not from profits.

And your solicitor doesnt know anything. Better change him

[dd156]

Thank you for your message.
Yes, I understand that salaries don't come from profits and are a part of expenses. By "from profits", I mean that the business is not paying me from the investment but now that it is able to cover expenses, I want to begin paying myself.

[Khan Friends]

I think your solicitor is not aware of the very basics. Your salary has no concern with the immigration rules or your visa. You are the Director of your company and you have to pay yourself to make a living. You can pay whatever amount you want to either on the company payroll or if your company is making enough money you can take dividends.
You would rather consult your accountant not the solicitor for these matters.