- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 23:40 - 04 Dec 2017 Post subject: |
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EvieG2017 wrote: | mpd72 wrote: | With the changes to the budget on taxation of dividends, many small businesses who's directors take the bulk of their money in dividends will soon be paying double taxation for money taken out of the business.
Profits (and therefore dividends) will be taxed at 20% corporation tax, then George will swipe another 7.5% off the director for any dividends taken over the £5000 dividend allowance, meaning any dividends taken over the £5K, will effectively see 27.5% go to HMRC.
There's a good calculator here....
https://www.uktaxcalculators.co.uk/dividend-vs-salary.php
I'm going to be at least £1500 worse off from earnings which would still be a basic rate tax payer with a fairly average salary. |
Interesting calculator, I came across this one that seems to be more simple to use in my opinion: https://www.income-tax.co.uk/ |
Isn’t that for PAYE though? I’m talking self assessment tax returns.
I can’t win. If I switch to PAYE, I pay tax as both an employer and employee. This dividend tax is just more double taxation on middle income workers like me. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
Jaguar S Type 3.0 V6 Sport R, VW Transporter T5 GP LWB Shuttle 140ps DSG. |
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Jewlio Rides Again LLB World Chat Champion
Joined: 06 Oct 2015 Karma :
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Posted: 00:08 - 05 Dec 2017 Post subject: |
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Not like you're declaring everything honestly anyway, Donk. ____________________ Mpd72: I can categorically say i’m Brighter than that, no matter how I come across on here.
HAHAHA HAHAHA Blew Chilly MyCrowSystems |
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