• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Wages/Dividends

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    Originally posted by VectraMan
    Yes, but that probably counts as fraud.

    All you need to do is sign a piece of paper.
    How is that fraud ?

    Comment


      #12
      Originally posted by FiveTimes
      How is that fraud ?
      The dividend declaration says something like "It was decided at a meeting of the board on date X to distrubte a dividend of Y". You can't pay the dividend without that (I guess that would be theft), and if you do the decleration later and put an earlier date on it then that would be fraud.

      Of course, as long as it was all done before the year end you'd never get caught...

      People here talk about vouchers, but SJD tell me there's no need for them. So all I ever do is sign a form, keep it with the company records and send a copy to the accountant for their records.
      Will work inside IR35. Or for food.

      Comment


        #13
        The vouchers are to do with recording the tax relief you've rec'd so you can prove it to HMRC - bit like a payslip I would guess.

        I've got share in other companies [ utilities etc ] and they always issue divdned vouchers which say they should be "kept in a safe place"
        Cenedl heb iaith, cenedl heb galon

        Comment


          #14
          Originally posted by Wesdev
          Does anyone know if there is limit to how many dividends you can take in a month or the amount. Is there a restriction in amount too?
          Taking dividends means that you are avoiding your fair share of tax.

          You should not be taking any dividends at all, paying yourself through PAYE instead.

          Comment


            #15
            Originally posted by Hector
            Taking dividends means that you are avoiding your fair share of tax.

            You should not be taking any dividends at all, paying yourself through PAYE instead.
            If nobody should be taking dividends why is it taxed ?
            Cenedl heb iaith, cenedl heb galon

            Comment


              #16
              I think the more frequently you take them, the more appealing you become for the tax man. Weekly used to be a no no, monthly is ok. If you can live on them being less frequent, then even better

              My accountant advised to take 2600 a month divs and 440 wages a month, the wife gets 277 divs and 440 wages too. We have enough to get by, a lot less than with the old MSC....but its curbing her spending which is good

              Comment


                #17
                Originally posted by weboo
                I think the more frequently you take them, the more appealing you become for the tax man. Weekly used to be a no no, monthly is ok. If you can live on them being less frequent, then even better

                My accountant advised to take 2600 a month divs and 440 wages a month, the wife gets 277 divs and 440 wages too. We have enough to get by, a lot less than with the old MSC....but its curbing her spending which is good
                don't forget your dividnd distribution MUST be based on your share allocation, so if you paying £2877 per month and you persoally get £2600 [ 90.37% ], then you must have 90.37% of the shares and your wife 9.63%.
                Cenedl heb iaith, cenedl heb galon

                Comment


                  #18
                  Originally posted by weboo
                  I think the more frequently you take them, the more appealing you become for the tax man. Weekly used to be a no no, monthly is ok. If you can live on them being less frequent, then even better

                  My accountant advised to take 2600 a month divs and 440 wages a month, the wife gets 277 divs and 440 wages too. We have enough to get by, a lot less than with the old MSC....but its curbing her spending which is good
                  I was advised 750 month salary and 2100 month divs...

                  Comment


                    #19
                    Originally posted by angusglover
                    I was advised 750 month salary and 2100 month divs...
                    salary = anothing above min wage
                    divdends - will depend on your other income, but you don't really want to breach the £38 mark [ total personal income ] which triggers the normal tax on divis.

                    Angus, you should be ok if it's just salary & divis you get as income...
                    Cenedl heb iaith, cenedl heb galon

                    Comment


                      #20
                      So what do i do? Write the div's meetings minutes and fill in the vouchers retrospectively? Then write 1 big div and then none for the rest of the year? or atleast until i really need it (making sure i keep under the 38k mark?) Then keep it per quarter (like i had originally planned)?

                      Would i be ok?

                      Comment

                      Working...
                      X