Personal tax for limited company

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scooterscot replied

14 November 2014, 08:06
Just had to pay tax for 2013, 2014, & 2015. But that's Germany for you. They don't want to leave any loose ends.
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TheFaQQer replied

14 November 2014, 07:50
Originally posted by Doggy Styles View Post

If you are taking 'any income as dividends', why are you paying income tax?

Because it's over the higher rate threshold.
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Doggy Styles replied

13 November 2014, 22:48
Originally posted by smileyface View Post

I have a limited company from 6th April and pay the usual income tax, corp tax and any income I take as dividends.

Fast forward a couple of years, is it true the income tax is paid in advance, as opposed to in arrears like corp tax?

If so, how do you know how much to pay? Is it based on estimates?

If you are taking 'any income as dividends', why are you paying income tax?
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suityou01 replied

13 November 2014, 20:51
Probably hasn't even tried bleeding the radiators.

Lawd knows how grubby his ninja is.
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ctdctd replied

13 November 2014, 20:49
Income tax?

Are you sure you are cut out to be a Contractor?
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suityou01 replied

13 November 2014, 20:47
I need to see your film collection first.

Got anything with gladiators in?
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TheFaQQer replied

13 November 2014, 20:45
It's not entirely true.

Based on the current year's tax, HMRC will ask for payment on a account to cover the amount they suspect you will owe the following year. If they get it too high, they pay you interest.

When your tax is assessed, then you pay it - either from the payment already on account or top it up if you owe more.
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smileyface started a topic Personal tax for limited company

13 November 2014, 20:38
Personal tax for limited company

I have a limited company from 6th April and pay the usual income tax, corp tax and any income I take as dividends.

Fast forward a couple of years, is it true the income tax is paid in advance, as opposed to in arrears like corp tax?

If so, how do you know how much to pay? Is it based on estimates?
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