Thanks all for replies and Phil for looking at my documentation.
I'm unclear on whether NIC payments should be due or not. The technical bulletin here describes 3 scenarios (overseas employer, employer unable to pay, dissolved employer) - all of which say Class 1 NICs are not due by the employee.
However, in my case, there is the added complication that the LTD was owned by me. So I'm not sure if that liability will be transferred to me, now that the company is dissolved.
What also confuses me is the rate at which tax is due. If you include employers NIC, employees NIC and income tax, then the combined tax rate is around 60% is it not?! Obviously, a contractor operating through a LTD company would use low salary / high dividends to minimise his or her tax bill
It seems incredibly harsh that they should tax at the highest rate possible, rather than that rate which you probably would have paid at the time. But I suppose now that I've been deemed to have done wrong - I deserve everything I get...
I'm unclear on whether NIC payments should be due or not. The technical bulletin here describes 3 scenarios (overseas employer, employer unable to pay, dissolved employer) - all of which say Class 1 NICs are not due by the employee.
However, in my case, there is the added complication that the LTD was owned by me. So I'm not sure if that liability will be transferred to me, now that the company is dissolved.
What also confuses me is the rate at which tax is due. If you include employers NIC, employees NIC and income tax, then the combined tax rate is around 60% is it not?! Obviously, a contractor operating through a LTD company would use low salary / high dividends to minimise his or her tax bill
It seems incredibly harsh that they should tax at the highest rate possible, rather than that rate which you probably would have paid at the time. But I suppose now that I've been deemed to have done wrong - I deserve everything I get...
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