Now before anyone flames me I've been looking into this but HMRC website is a little unclear.
OK. I had a permie job at the start of the year, got a large taxable PILON payment and I paid a shedload of tax.
Now I'm contracting accountant has advised me no point paying salary cos I've already used my allowances. Fair does.
Now assuming I'll only get dividends this year now and wont go into 40%, this leaves me about £2K too much tax paid.
Form P50 seems to be a tax reclaim form but seems more like for people who are unemployed for more than 4 weeks, retire, go back to study. Whether company directors who aint going to pay themselves a salary count - who knows?
Obviously, when personal tax return for year end April 2012 gets done it'll all come out but money in my pocket is better than money in HMRCs pocket....
Will speak to HMRC monday but wondered if anyone had ever done this?
OK. I had a permie job at the start of the year, got a large taxable PILON payment and I paid a shedload of tax.
Now I'm contracting accountant has advised me no point paying salary cos I've already used my allowances. Fair does.
Now assuming I'll only get dividends this year now and wont go into 40%, this leaves me about £2K too much tax paid.
Form P50 seems to be a tax reclaim form but seems more like for people who are unemployed for more than 4 weeks, retire, go back to study. Whether company directors who aint going to pay themselves a salary count - who knows?
Obviously, when personal tax return for year end April 2012 gets done it'll all come out but money in my pocket is better than money in HMRCs pocket....
Will speak to HMRC monday but wondered if anyone had ever done this?
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