New to the forum: general accounting q's

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DesDixon replied

4 August 2008, 11:07
anyone?
Leave a comment:
DesDixon replied

31 July 2008, 21:30
Originally posted by oracleslave View Post

What does your accountant say?

Don't know he's gone abroad on family business and no ETA on his return... hence why I am asking here...
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oracleslave replied

30 July 2008, 21:14
Originally posted by DesDixon View Post

Hello,

I've just joined this forum and read through quite a few posts.

I have a question in regards to my accounts and would like some help.

For this year (2008-2009), I decided to pay myself the personal allowance of £5,435 in paye earnings and the rest as dividends up to the total income i can have before incurring 40% tax (£41,435). Currently, I have my Payroll program set to pay me £452.92 per month.

However, I've read the HMRC changes that are to take the personal allowance to £6,035 this year and the total income I can have before incurring 40% tax to £40,835 and I have read that these changes come in from September 2008.

Therefore, do I continue paying £452.92 per month from april 2008 to august 2008 and then £471.30 from september 2008 to march 2009) = 6035 ???

In terms of the total income I can have before incurring 40% tax (40,835), would the dividend element of this be 40,835-6035 = £34,800 ???

Many thanks.

Des

What does your accountant say?
Leave a comment:
BrilloPad replied

30 July 2008, 19:58
Originally posted by DesDixon View Post

Hello,

I've just joined this forum and read through quite a few posts.

I have a question in regards to my accounts and would like some help.

For this year (2008-2009), I decided to pay myself the personal allowance of £5,435 in paye earnings and the rest as dividends up to the total income i can have before incurring 40% tax (£41,435). Currently, I have my Payroll program set to pay me £452.92 per month.

However, I've read the HMRC changes that are to take the personal allowance to £6,035 this year and the total income I can have before incurring 40% tax to £40,835 and I have read that these changes come in from September 2008.

Therefore, do I continue paying £452.92 per month from april 2008 to august 2008 and then £471.30 from september 2008 to march 2009) = 6035 ???

In terms of the total income I can have before incurring 40% tax (40,835), would the dividend element of this be 40,835-6035 = £34,800 ???

Many thanks.

Des

REmember gross and net dividend. gross is what counts towards tax - net is what you receive. I think that gross = net * (10/9) ?
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DesDixon replied

30 July 2008, 19:39
Anyone?
Leave a comment:
DesDixon started a topic New to the forum: general accounting q's

29 July 2008, 11:08
New to the forum: general accounting q's

Hello,

I've just joined this forum and read through quite a few posts.

I have a question in regards to my accounts and would like some help.

For this year (2008-2009), I decided to pay myself the personal allowance of £5,435 in paye earnings and the rest as dividends up to the total income i can have before incurring 40% tax (£41,435). Currently, I have my Payroll program set to pay me £452.92 per month.

However, I've read the HMRC changes that are to take the personal allowance to £6,035 this year and the total income I can have before incurring 40% tax to £40,835 and I have read that these changes come in from September 2008.

Therefore, do I continue paying £452.92 per month from april 2008 to august 2008 and then £471.30 from september 2008 to march 2009) = 6035 ???

In terms of the total income I can have before incurring 40% tax (40,835), would the dividend element of this be 40,835-6035 = £34,800 ???

Many thanks.

Des
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