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non-spouse director
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Originally posted by northernladuk View PostYeah... What TCP says ya cockwomble.Comment
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Originally posted by DaveB View PostWankPuffin, if you don't mind.
Mr Wankpuffin to you.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by TheCyclingProgrammer View PostIt's the best I can manage typing one handed in an iPad with a 3 day old baby in the other hand!'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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hi so the reason for this question was to avoid payments to the student loans company. the payments are 9% on your gross earnings above 17K that means anything you ear above that will be penalized at 9%, it is not a tax however it is a loan repayment so to avoid it should be completely legal. the question is if you can somehow reduce that fee but keep HRMC happy somehow by keeping your total dividend payout below the threshold of £31K for higher rate tax thereby not looking like your avoiding tax would you still be caught up in this settlements legislation if the extra director was a family member non-spouse?
below are example scenarios of what you might save using a £10600 salary and dividend of £31000
self assessment scenario A (1 director)
salary 10600
dividend 31,000
gross earning = 41,600
loan repayment threshold (17K)
loan repayment (@9%) = £2214
scenario B (50/50 split two directors)
salary =10+600
dividend = 15,500
gross earnings = 26100
loan repayment threshold (17K)
loan repayment (@9%) = 819
= saving of £1395
feedback welcome. action will be taken one way or another on this by meComment
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IMO the non spouse director is questionable at best... artificial convoluted scheme to aggressively avoid the student loan it's just too much.
You probably won't listen but leave it alone....
p.s... at the bottom of scenario B you need to add a line showing the liabilities if you get caught so it doesn't look so rosy and tempting, other wise you might as well have an option C which is just fudge the books completely.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by damien3 View Posthi so the reason for this question was to avoid payments to the student loans company. the payments are 9% on your gross earnings above 17K that means anything you ear above that will be penalized at 9%, it is not a tax however it is a loan repayment so to avoid it should be completely legal. the question is if you can somehow reduce that fee but keep HRMC happy somehow by keeping your total dividend payout below the threshold of £31K for higher rate tax thereby not looking like your avoiding tax would you still be caught up in this settlements legislation if the extra director was a family member non-spouse?
below are example scenarios of what you might save using a £10600 salary and dividend of £31000
self assessment scenario A (1 director)
salary 10600
dividend 31,000
gross earning = 41,600
loan repayment threshold (17K)
loan repayment (@9%) = £2214
scenario B (50/50 split two directors)
salary =10+600
dividend = 15,500
gross earnings = 26100
loan repayment threshold (17K)
loan repayment (@9%) = 819
= saving of £1395
feedback welcome. action will be taken one way or another on this by meComment
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@northernladuk i would put figures at the bottom of scenario B if i knew at all what they could be
@TheFaQQer
my opionion its not a turn of phrase it's just savings which i'm sure everyone can appreciateComment
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Originally posted by northernladuk View PostIMO the non spouse director is questionable at best... artificial convoluted scheme to aggressively avoid the student loan it's just too much.
You probably won't listen but leave it alone....
p.s... at the bottom of scenario B you need to add a line showing the liabilities if you get caught so it doesn't look so rosy and tempting, other wise you might as well have an option C which is just fudge the books completely.Comment
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Originally posted by damien3 View Post@northernladuk i would put figures at the bottom of scenario B if i knew at all what they could be'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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