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Previously on "Should we be paying out dividends before the Autumn Statement?"
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The dividend tax change isn't even in a Finance Bill yet. The draft clauses for FB 2016 are being published on December 9. It has to go through the usual parliamentary process. There is zero chance of any accelerated changes in dividend taxation, and this impacts a much wider group than simply contractors. However, there's a good chance they will tweak ER, and changes of that nature are typically immediate. I suspect they will make other adjustments to ER than the ones people are fearing here, but you never know, they could do something drastic. It's going to disappear eventually.
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Originally posted by ContrataxLtd View PostExactly, IF it changes it will probably be done immediately.
I can't see anyway that they will apply a dividend tax change part way through the year, if they did I'd give NLUK a years free accountancy fees...........
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Its a November Statement not a Budget Statement so I dont see anything taking immediate effect.
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Originally posted by ContrataxLtd View PostExactly, IF it changes it will probably be done immediately.
I can't see anyway that they will apply a dividend tax change part way through the year, if they did I'd give NLUK a years free accountancy fees...........
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Originally posted by TheFaQQer View PostThe suggestion was (and I've seen it elsewhere as well) that if ER changes, then the change would be immediate rather than waiting until the new tax year.
I can't see anyway that they will apply a dividend tax change part way through the year, if they did I'd give NLUK a years free accountancy fees...........
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Originally posted by northernladuk View PostAlthough contracttax did suggest ER might cease immediately or something like that. Who knows.
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Originally posted by northernladuk View PostYou gave me 10 seconds to read and re-edit it. You want an award or something?
I just happened on it while it was gobbledygook. Don't get shirty luv.
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Originally posted by LucidDementia View PostSay what now?
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Originally posted by northernladuk View PostWell they won't change until April so don't think there is a need to panic. That said if your warchest is big enough there is an argument you should be taking Max divis early and stuck it in an account paying some interest.
Although contracttax didnauggwst ER nigh cease immediately or something like that. Who knows.
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Well they probably won't change until April so don't think there is a need to panic. That said if your warchest is big enough there is an argument you should be taking Max divis early and stick it in an account paying some interest. Their systems won't be ready to handle an immediate change to some of the fundamental processes like divs.
Although contracttax did suggest ER might cease immediately or something like that. Who knows.
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Should we be paying out dividends before the Autumn Statement?
Would it we as well to get as much cash out of MyCo now, in case any more rules change with immediate effect?
I normally take a divi towards the end of the tax year.Tags: None
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