Whether or not to pay a salary/dividend

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northernladuk replied

6 April 2014, 23:08
Originally posted by Olly View Post

Scrub it...I thought my turnover was 36k....it's 9k ...no point messing about.

P.S. Of course to all the officials reading this what I meant below is I loaned my Ltd some money rather than forgot to withdraw salary

Last edited by northernladuk; 6 April 2014, 23:32.
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tractor replied

6 April 2014, 21:47
Originally posted by Olly View Post

"It wouldn't be the first time I've not got round to withdrawing salary till the next tax year."

ohhh noooo....not more from the NLUK school.

NO lol but you already answered your own question, I don't understand what you want from a forum. Only you and your accountant will know what's best for you. It's the first day of a new tax year. You cannot now pay yourself under PAYE and pretend it is last year unless you break the law.

And it works both ways you know, I could have said 'oh no another company director with velcro laces'
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Olly replied

6 April 2014, 19:13
Originally posted by tractor View Post

If you are talking about tax year 2013/4, that ship sailed yesterday for PAYE.

"It wouldn't be the first time I've not got round to withdrawing salary till the next tax year."

Originally posted by tractor View Post

See your accountant

ohhh noooo....not more from the NLUK school.
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tractor replied

6 April 2014, 18:37
...

Originally posted by Olly View Post

Hi,
Looking for some helpful advice please (NLUK step away away from the keyboard)
I invoiced 36K for the 3 months to June 2013 when I took a perm roll.
Expenses were about 1K.
I try to keep my taxable income from my perm salary within the 20% bracket by paying a chunk into a pension.
I haven't got the exact figures worked out yet but it's likely I've still snuck into the 40% bracket a bit though.

So that's the background, the question is what do I do with 36K (minus VAT + expenses) to minimise tax?
My original thought was do nothing, pay the CT and add it to the pot to be included in an MVL.

I know it's a bit late, but I guess I can still pay my self a 2013 salary or dividend though. It wouldn't be the first time I've not got round to withdrawing salary till the next tax year. Dividend I've always withdrawn in the "correct" tax year though.
Thanks

If you are talking about tax year 2013/4, that ship sailed yesterday for PAYE. If you are talking about 2014/5, you have 364 days to work it out. See your accountant
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Olly started a topic Whether or not to pay a salary/dividend

6 April 2014, 18:20
Whether or not to pay a salary/dividend

Scrub it...I thought my turnover was 36k....it's 9k ...no point messing about.

P.S. Of course to all the officials reading this what I meant below is I loaned my Ltd some money rather than forgot to withdraw salary

Last edited by Olly; 6 April 2014, 20:56. Reason: somewhat out with figures
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