Do you pay higher-rate tax?

[d000hg]

The other thread got me thinking, my costs are such that I don't need to take so much out of my company that any higher tax is paid... so I aim to take the maximum out without paying any higher tax. And even that allows me to fill both our ISAs each year.

But if you are the sole earner or have kids, big house, etc, the amount you can get out isn't massive.

[AtW]

I am currently paying way too high rate of tax but I am loving it

The scandal with "higher rate of tax" isn't the rate itself, but the day light robber of disappearing personal tax allowance after £100k - feckwit Osborne should have fixed that FIRST, and then cut top rate of tax.

[scooterscot]

But if you are the sole earner or have kids, big house, etc, the amount you can get out isn't massive.

That's when living in Germany makes a massive difference.

I'd be paying higher rate tax if living in the UK right now without a doubt. But! Over here there exists a special tax status recognising families that allows me to keep much more of my earnings at the same rate of tax regardless of the amount I earn. Wicked, no?

No Ltd company required.

[Old Hack]

The other thread got me thinking, my costs are such that I don't need to take so much out of my company that any higher tax is paid... so I aim to take the maximum out without paying any higher tax. And even that allows me to fill both our ISAs each year.

But if you are the sole earner or have kids, big house, etc, the amount you can get out isn't massive.

Good expenses, the wife 'working' for the company and as a 50/50 shareholder and no, at the moment, mortgage or debts means we're flush. Although now dipping into war chest due to leg break.

[eek]

none of the above.... S660 is very carefully used then pension....

[d000hg]

none of the above.... S660 is very carefully used then pension....

Use the first "no" option as a generic "no" in such cases.