Originally posted by zonkkk
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Extra Tax Money
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Originally posted by northernladuk View Post
I would have thought once you've attracted the attention of HMRC it won't be the first time? Better to stay off their books rather than use them for a cheap loan IMO.Comment
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Originally posted by zonkkk View PostOr 32%, point taken.
Check again.
Is this why you can't afford to pay your tax, or a mortgage?See You Next TuesdayComment
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Originally posted by Lance View Post
apparently the point wasn't taken.
Check again.
Is this why you can't afford to pay your tax, or a mortgage?
Secondly, dividend tax for higher rate tax payers is 32.5% and for additional tax payers 38.1%.
What point were you trying to make then?Comment
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Originally posted by zonkkk View Post
Apparently you should get your facts straight. I can pay my tax and mortgage, thank you very much.
Secondly, dividend tax for higher rate tax payers is 32.5% and for additional tax payers 38.1%.
What point were you trying to make then?
And if you have to borrow money to pay your tax then you can't pay it. You are a different legal entity to your company. The fact that your company can afford to pay you a dividend is not the same as you being able to afford it.
You != Your LTD.See You Next TuesdayComment
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What about a very trivial approach such as:
a) consumer loan - 3-5% pa, which you could repay after 6 April as soon as you withdraw dividends for 2021/22, or
b) even a cash withdrawal from any of your credit cards, which would work out as 3% initial charge + another 2% for March (based on 22% pa), or around 5% in total, which you would again repay immediately after 6 April. Even that in any case would be cheaper than paying 32.5-38.1% tax on dividendsComment
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Originally posted by Lance View Post
No particular point other than you got the tax rate wrong. Again.
And if you have to borrow money to pay your tax then you can't pay it. You are a different legal entity to your company. The fact that your company can afford to pay you a dividend is not the same as you being able to afford it.
You != Your LTD.Comment
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