Online calculators give different results so thought I would ask you guys
Salary paye earned of 48k but I also have part time contract through my limited company with profits I can draw as dividends. No salary taken from the company so only corp tax will be due.
Question is the £2k tax free allowance, will that be added to the £48k so anything above the initial £2k will be taxed at 32.5% ? Or will £2k be tax free, the following £2k at 7.5% and anything above that at the 32.5% ?
Also is it worth splitting some dividend this year and the rest after April ?
The company will lay dormant after feb as I have a full time position earning paye
Thanks guys any advice would be appreciated
Salary paye earned of 48k but I also have part time contract through my limited company with profits I can draw as dividends. No salary taken from the company so only corp tax will be due.
Question is the £2k tax free allowance, will that be added to the £48k so anything above the initial £2k will be taxed at 32.5% ? Or will £2k be tax free, the following £2k at 7.5% and anything above that at the 32.5% ?
Also is it worth splitting some dividend this year and the rest after April ?
The company will lay dormant after feb as I have a full time position earning paye
Thanks guys any advice would be appreciated
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