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Maslins
Contractor Among Contractors
Last Activity: Today, 06:12
Joined: 25 September 2009
Location: Tunbridge Wells
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Well, capital gains tax is a form of personal tax, and normally even with an MVL there would be some personal tax payable. But that tax liability is typically much lower than if you were to get the same amount as dividends. Capital gains aren't income, so a big gain won't be pushing you into higher...
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You CAN start doing the same thing via a brand new company the very next day. Issue is you'll lose any tax benefits you hope to get by doing the MVL. Ie the liquidation distributions would be taxed on you as dividends, rather than capital gains.
General consensus is a brolly would be fine....
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Afraid you're being very optimistic here.
The calculators out there are already stretched. Ie they'll have to make lots of assumptions, ignore lots of possibilities. Tax is complicated.
Just do contracting, perhaps restrict dividends to basic rates (or £100k), some threshold...
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As NICs work differently to income tax, we tend to suggest it often makes sense to still take the typical NIC threshold salary for the remainder of the tax year. Ie that salary will still be NIC free, even if you've earned big bucks in a salary earlier in the tax year.
Hence it's 20%/40%...
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8 August 2022
- 14:58 - eek clicked Likes for this node: Personal allowance Question by Maslins
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3 August 2022
- 13:08 - Chaytor clicked Likes for this node: Closing your company by Maslins
- 13:08 - Chaytor clicked Thanks for this node: Closing your company by Maslins
12 July 2022
- 10:24 - pr1 clicked Thanks for this node: Personal allowance Question by Maslins
15 June 2022
- 15:43 - ApeShape clicked Likes for this node: Carried Forward / Distributed amount. Keep or take out? by Maslins
12 June 2022
- 07:47 - cojak clicked Thanks for this node: Taking a break, not trading, salary? by Maslins
- 07:46 - cojak clicked Likes for this node: Taking a break, not trading, salary? by Maslins
8 June 2022
- 18:31 - pr1 clicked Likes for this node: Extracting final surplus in multiple transactions? by Maslins
7 June 2022
- 11:50 - jamesbrown clicked Likes for this node: Extracting final surplus in multiple transactions? by Maslins
- 10:24 - ladymuck clicked Likes for this node: Extracting final surplus in multiple transactions? by Maslins
26 May 2022
- 08:46 - WTFH clicked Likes for this node: Taking a break, not trading, salary? by Maslins
- 07:59 - jamesbrown clicked Thanks for this node: Taking a break, not trading, salary? by Maslins
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24 May 2022
- 12:00 - d000hg clicked Likes for this node: Anyone here use Xero? by Maslins
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