Reply to: Budget

[LondonManc]

I think its £11.5k personal allowance from next April.

The basic rate of tax on dividends is 7.5%, not 7%.

Correct, confirmed as 11.5k and agreed on the dividend. I've checked an email from my accountant I was just providing a quick example. That in itself illustrates why an accountant is important; they're paid to keep on top of this sort of thing so that you can carry on fee-earning.

[TheCyclingProgrammer]

10k salary untaxed
1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
further 2k dividends tax free
remaining 26.5-27k dividends taxed at 7%

Roughly, but that's why I have an accountant.

I think its £11.5k personal allowance from next April.

The basic rate of tax on dividends is 7.5%, not 7%.

[TheCyclingProgrammer]

Still confused:
So - I take 10k salary and 30k in dividends, how much tax we looking at ?

£225 more than what you're paying in tax now.

[LondonManc]

And this is why I said ask your accountant ...

And also why I have one.

[MrMarkyMark]

And this is why I said ask your accountant ...

Worth what the OP paid for it

[SueEllen]

10k salary untaxed
1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
further 2k dividends tax free
remaining 26.5-27k dividends taxed at 7%

Roughly, but that's why I have an accountant.

And this is why I said ask your accountant ...

[LondonManc]

Still confused:
So - I take 10k salary and 30k in dividends, how much tax we looking at ?

10k salary untaxed
1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
further 2k dividends tax free
remaining 26.5-27k dividends taxed at 7%

Roughly, but that's why I have an accountant.

[lukemg]

Cheers Sue, thought the crew on here could have a go...

[SueEllen]

Still confused:
So - I take 10k salary and 30k in dividends, how much tax we looking at ?

Do you have an accountant?

Ask him/her to work out some figures for you.

[lukemg]

Still confused:
So - I take 10k salary and 30k in dividends, how much tax we looking at ?

[northernladyuk]

Why would you want to return from Germany given that it's such a utopia as you like to make out all the time

He's fed up of standing out as a thickie over there.

[The Spartan]

f it helps I'm not paying any more tax after today. But I'll still continue to enjoy the services of the UK every time I return.

Why would you want to return from Germany given that it's such a utopia as you like to make out all the time

[MrMarkyMark]

f it helps I'm not paying any more tax after today. But I'll still continue to enjoy the services of the UK every time I return.

if it keeps you mentally stable, its a win for all of us

[northernladyuk]

f it helps I'm not paying any more tax after today. But I'll still continue to enjoy the services of the UK every time I return.

Will you be staying at the Heathrow Thistle again?

[NigelJK]

I can see a multiple Phoenix to ltd companies coming. Note this won't work if you have any assets in the ltd co, but works quite nicely in a sort of kinda a way, and legal too. I'd be cheeky enough to name them Phoenix1, Phoenix2 etc.