New to the forum: general accounting q's
Hello,
I've just joined this forum and read through quite a few posts.
I have a question in regards to my accounts and would like some help.
For this year (2008-2009), I decided to pay myself the personal allowance of £5,435 in paye earnings and the rest as dividends up to the total income i can have before incurring 40% tax (£41,435). Currently, I have my Payroll program set to pay me £452.92 per month.
However, I've read the HMRC changes that are to take the personal allowance to £6,035 this year and the total income I can have before incurring 40% tax to £40,835 and I have read that these changes come in from September 2008.
Therefore, do I continue paying £452.92 per month from april 2008 to august 2008 and then £471.30 from september 2008 to march 2009) = 6035 ???
In terms of the total income I can have before incurring 40% tax (40,835), would the dividend element of this be 40,835-6035 = £34,800 ???
Many thanks.
Des
I've just joined this forum and read through quite a few posts.
I have a question in regards to my accounts and would like some help.
For this year (2008-2009), I decided to pay myself the personal allowance of £5,435 in paye earnings and the rest as dividends up to the total income i can have before incurring 40% tax (£41,435). Currently, I have my Payroll program set to pay me £452.92 per month.
However, I've read the HMRC changes that are to take the personal allowance to £6,035 this year and the total income I can have before incurring 40% tax to £40,835 and I have read that these changes come in from September 2008.
Therefore, do I continue paying £452.92 per month from april 2008 to august 2008 and then £471.30 from september 2008 to march 2009) = 6035 ???
In terms of the total income I can have before incurring 40% tax (40,835), would the dividend element of this be 40,835-6035 = £34,800 ???
Many thanks.
Des
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