Mate...if you are leaving blighty for ever just take the money and run!
By the time IR realise you have done a runner you will be laid up in an old folks home in ganawamba!
Mailman
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Reply to: A years income in June
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Previously on "A years income in June"
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I have spoken about this with the Director, and shareholder, (both me) and am happy to live with dissolving the company without calling that debt in.
You will probably find what you propose is in fact absolutely fine. Your accountants will then explain why it's tax neutral either way.
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Originally posted by suchabigaskNice one - that all sounds good. Now I have just realised I got £2k out as a Directors loan 5 months ago - do I need to pay that back (and then pay it out to myself again as a divi) or just forgo it as a bad debt on dissolving the company.
I have spoken about this with the Director, and shareholder, (both me) and am happy to live with dissolving the company without calling that debt in.
Is that taking the piss?
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Nice one - that all sounds good. Now I have just realised I got £2k out as a Directors loan 5 months ago - do I need to pay that back (and then pay it out to myself again as a divi) or just forgo it as a bad debt on dissolving the company.
I have spoken about this with the Director, and shareholder, (both me) and am happy to live with dissolving the company without calling that debt in.
Is that taking the piss?
Leave a comment:
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The tax bands are not pro rata. In effect each month (or quarter or whatever)you take what you have earned since the start of the tax year, calculate the total tax due, subtract the tax paid last time you did it and send off the cheque. So if you stop earning after three months, that what you get taxed on.
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Originally posted by suchabigaskI have been contracting here for a few years and getting set to shoot back down under.
If I head off in May, can I get my £18k retained earnings out as a dividend and not incur the top up tax? Thats a stupid question - what I mean is are the taxable bands pro rated based on how much of the tax year I was in the country, or do I get access to the whole personal allowance + the next £30k odd at the basic rate?
Cheers to you all
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I'm pretty sure it's not pro rata. If you are not ordinarily resident here you might want to investigate paying after you have left. In any event you might want to investigate the CGT regime that capital payments would be under.
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A years income in June
I have been contracting here for a few years and getting set to shoot back down under.
If I head off in May, can I get my £18k retained earnings out as a dividend and not incur the top up tax? Thats a stupid question - what I mean is are the taxable bands pro rated based on how much of the tax year I was in the country, or do I get access to the whole personal allowance + the next £30k odd at the basic rate?
Cheers to you allTags: None
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