I am currently the senior design engineer for a small machine builder. I am being told that due to TAX threshold it would be benedicial to split design and service away from manufacture into 2 sepperate companies ( I beleive VAT is payable as soon as invoiced once the company turnover is over £2,000,000)
I have been asked if I would be interested in being a Director of the new design / service company.
I understand that I would be responcible for the Health and Safety of our employees and also liable if yearly accounts were not filled on time to companies house. I am happy with both of these responcibilities.
Is their anything else I should be aware of that changes from being an employee to a Director.
Any inidication of how much of a pay increase I should be looking to secure with the new role. I am led to beleive that it is possible to get an annual proffit share / share option that possible attracts less tax than PAYE is this correct, anybody have a link to any relevant information.