Originally posted by Lance
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Extra Tax Money
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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 dividendsLeave a 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.Leave a comment:
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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?Leave a 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?Leave a comment:
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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.Leave a comment:
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Originally posted by Lance View Post
38%? You sure about that?Leave a comment:
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Originally posted by zonkkk View PostI don't know what the "HMRC payment plan" is but I expect that the interest would be less than the 38% you would have to pay on the dividends if you take them out and go into the higher rate tax band.
Leave a comment:
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Originally posted by zonkkk View PostI don't know what the "HMRC payment plan" is but I expect that the interest would be less than the 38% you would have to pay on the dividends if you take them out and go into the higher rate tax band.Leave a comment:
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I don't know what the "HMRC payment plan" is but I expect that the interest would be less than the 38% you would have to pay on the dividends if you take them out and go into the higher rate tax band.Leave a comment:
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