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Previously on "Marriage allowance - details with dividends"
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Have you considered giving your spouse shares instead? That would be much more tax efficient.
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Originally posted by booms View PostThanks Dom - we've already done the application and received updated tax codes.
Just wanted to confirm that in this case I could pay myself the additional £3,173 in dividends rather than £1,190 as I'd assumed.
I can't find this particular case being discussed in this detail anywhere so it seems pretty obscure?
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Just wanted to confirm that in this case I could pay myself the additional £3,173 in dividends rather than £1,190 as I'd assumed.
I can't find this particular case being discussed in this detail anywhere so it seems pretty obscure?
Leave a comment:
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Dunno. Let me ask your accountant.Last edited by Contractor UK; 25 May 2019, 14:28.
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Marriage allowance - details with dividends
Just checking this out.
My spouse didn't work this year and is able to transfer 10% of their PA to me under the Marriage Allowance.
I intended to take out £702*12=£8424 as payroll, and then the rest of my PA + £2,000 div allowance this year. This brings me in just below being a basic rate tax payer (a requirement for Marriage Allowance)
If I'm able to transfer over £1,190 then that reduces basic rate tax at £238 of tax liability.
Therefore if I pay myself an additional £3,173 of dividends - that theoretically makes me a basic rate tax payer, I'd theoretically pay (£3,173x 7.5%)=£238 of tax and the Marriage Allowance would cover that.
Have I got that right?Tags: None
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