Reply to: Higher Rate and Take Home - What do you prefer?

[TheFaQQer]

thanks for this; looks like I'm going to have to stick a ring on her finger.

Or do some research and do it properly to avoid the settlements legislation.

[patrickbaitsman]

This isn't true. If you investigate the past cases (in particular Arctiv Systems) these cases have set a precedent that you cant pay a partner dividends unless you are married. I did a lot of research into this and took advice from my accountant and independent legal advice. Then got married

thanks for this; looks like I'm going to have to stick a ring on her finger.

[MattZani]

This isn't true. If you investigate the past cases (in particular Arctiv Systems) these cases have set a precedent that you cant pay a partner dividends unless you are married. I did a lot of research into this and took advice from my accountant and independent legal advice. Then got married

Wait, did you get married in order to pay a little less money of taxes?
Is this the price you put on your freedom?

[TheFaQQer]

This isn't true. If you investigate the past cases (in particular Arctiv Systems) these cases have set a precedent that you cant pay a partner dividends unless you are married. I did a lot of research into this and took advice from my accountant and independent legal advice. Then got married

Yes, you can.

As long as you don't fall foul of the settlements legislation, you can pay dividends to whomever you like. (Actually, to be pedantic, you can still do that, but you may be taxed on it yourself rather than the individual).

Where you may hit issues is if you gift your shares merely as a right to income to your partner (or your children) in a way which is designed to avoid paying tax yourself.

Even with the "Arctic settled everything" claims that have been made ever since that case concluded at the HoL, it's still not as clear cut as all that.

[JoJoGabor]

First part - Yes
Second part - No

This isn't true. If you investigate the past cases (in particular Arctiv Systems) these cases have set a precedent that you cant pay a partner dividends unless you are married. I did a lot of research into this and took advice from my accountant and independent legal advice. Then got married

[cojak]

Interesting.

Because you didn't get any bites with your first post, you thought you'ed sucker us in with a bigger worm.

Well I'm afraid to tell you that this is as far as your train goes, no PM rights for you!

[bentropor84]

investments 30% in 12 days

investments sale of dollars in other countries. Where banks do not sell the currency because the dollar is not there. People buy dollars at 35% more expensive.
3000$ 12 days 20%
7000$ 12 days 25%
10.000 12 days 30%

[bentropor84]

30% in 12 days

Never done it in past. Interest rates were just too crap to make it worthwhile.

Just looked at aldermore. Pretty good that you tie it in until a fixed term (i.e. until you need to pay CT). Only thing is you've got to stick it in in pretty much one go - you cant stick CT money in every month.

But I guess you could put a lump in and then use instant access one for the rest.

Still not sure if I can be bothered for the sake of £100 or so though.

Interest rates can be obtained by selling the big dollars in other countries do not pay taxes.
I sell dollars and get up to 30% in 12 days.

[Sausage Surprise]

Not married yet, but can I get the gf to receive income and dividends or does it have to be a wifey thing?

First part - Yes
Second part - No

[ASB]

Dividends are paid to shareholders. If she has shares she gets dividends.

but consider the settlements legislation which effectively means they could still be yours for tax purposes. Search income splitting and consider whether it is a route you may wish to follow.

[patrickbaitsman]

Not married yet, but can I get the gf to receive income and dividends or does it have to be a wifey thing?

[TheFaQQer]

Can't MrsF get £32k also? or is it a % of what you get in ratio to shareholding?

She owns 20%, I own 80% so it's split in that ratio

[Eirikur]

Can't MrsF get £32k also? or is it a % of what you get in ratio to shareholding?

The latter

[ItRYmyBEst]

I take £10k salary, MrsF takes £5k (whatever the NI threshold is) for her work. Dividend of £32k at the start of the tax year, £8k to MrsF for her shareholding.

Money goes into a Santander 123 account for me, and one in joint names so we get the 3% interest on that for the year. Anything cash balance over £40k goes elsewhere for saving.

Company money left over gets put into various accounts - at year end, corporation tax money gets locked away for 9 months in a fixed term account (Aldermore), some goes into Aldermore instant access, some goes into CCAB 30 day account to get better interest rates. Nowhere has more than £80k in total because of the FSCS scheme. Company also pays into a pension fund for me and MrsF every month.

I don't need more money to live off, so I may as well leave it in the company so that when I close it down I can get ER on the balance and take it out that way.

If I needed more money (eg. I've just booked the roofing company to come and re-roof the house, and we'll get a wood burning stove at the same time while the scaffolding is up), I'd take it out of the company. But I'd prefer not to if I didn't need it, though.

Can't MrsF get £32k also? or is it a % of what you get in ratio to shareholding?

[northernladuk]

Never ceases to amaze me how often you bring this up and how much it seems to bother you.

Suggest you never watch 'Benefits Britain' on TV - might just tip you over the edge! :-)

£72 a week for JSA I believe (its been over a year now since I last claimed though). And of course, over 13-14 weeks it does add up.
And when you've got no gig to go to you have time to sign on so why not?

Just saying like. You can't be arsed to manage your finances effectively for free money but you can be arsed to scrounge of the state for roughly the same amount. Speaks volumes. Just keeping it real..

And for me bringing it up? It's in your signature you moron.