How much income tax would I pay on £60K

[roadster198]

that I'd paid myself. I have a Ltd company can I use one of the PAYE tax calcs on the web?

[malvolio]

can I use one of the PAYE tax calcs on the web?

I don't know, can you? They don't look too hard...

Insufficient information suuplied, I'm afraid. There's only one set of tax laws, so if you're talking about straight salary then yes. If you have some dividend payments in there, or have included expenses aas income, then it gets a little more tricky.

[MrRobin]

Is that as a salary? Is that your only income for the whole year?

If yes to both of these then yeah you can just use a simple PAYE calculator that are all over the web.

[roadster198]

I pay my self Dividends every quarter which are a total of £60K. My salary is £5,550.

[malvolio]

Let me guess - you don't have an accountant...

[roadster198]

Let me guess - you don't have an accountant...

Yes I do but what he says goes in one ear and out the other.... Maybe I should go back to being a permie

[BrilloPad]

I pay my self Dividends every quarter which are a total of £60K. My salary is £5,550.

So that is 60k per year? Net or gross?

[roadster198]

So that is 60k per year? Net or gross?

Gross

[ASB]

I pay my self Dividends every quarter which are a total of £60K. My salary is £5,550.

HMRC have an online tax calculator you can use if you have registered. This lets you put in your dividends. And it even lets you put in the net dividends and rounds them up to the gross taxable.

But off the top of my head:

Salary 5,550
Gross divi 66,667

Total 72,217

Less 40,000 (lower rate/nil rate which is satisifed bt the PAYE).

32,217. 25% of that is due to be paid, so there is an additional 8100 to pay. If you get a number wildly different then one of us will be wrong.

[ASB]

Gross

so the value of dividends in the accounts is 54k then?

If so, I'm sure you can rework the estimate.