Budget Budget - Page 6
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  1. #51

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    Still confused:
    So - I take 10k salary and 30k in dividends, how much tax we looking at ?

  2. #52

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    SueEllen is a fount of knowledge

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    Quote Originally Posted by lukemg View Post
    Still confused:
    So - I take 10k salary and 30k in dividends, how much tax we looking at ?
    Do you have an accountant?

    Ask him/her to work out some figures for you.
    "You’re just a bad memory who doesn’t know when to go away" JR

  3. #53

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    Cheers Sue, thought the crew on here could have a go...

  4. #54

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    Quote Originally Posted by lukemg View Post
    Still confused:
    So - I take 10k salary and 30k in dividends, how much tax we looking at ?
    10k salary untaxed
    1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
    further 2k dividends tax free
    remaining 26.5-27k dividends taxed at 7%

    Roughly, but that's why I have an accountant.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  5. #55

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    Quote Originally Posted by LondonManc View Post
    10k salary untaxed
    1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
    further 2k dividends tax free
    remaining 26.5-27k dividends taxed at 7%

    Roughly, but that's why I have an accountant.
    And this is why I said ask your accountant ...
    "You’re just a bad memory who doesn’t know when to go away" JR

  6. #56

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    Quote Originally Posted by SueEllen View Post
    And this is why I said ask your accountant ...
    Worth what the OP paid for it

  7. #57

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    Quote Originally Posted by SueEllen View Post
    And this is why I said ask your accountant ...
    And also why I have one.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  8. #58

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    Quote Originally Posted by lukemg View Post
    Still confused:
    So - I take 10k salary and 30k in dividends, how much tax we looking at ?
    £225 more than what you're paying in tax now.

  9. #59

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    Quote Originally Posted by LondonManc View Post
    10k salary untaxed
    1-1.5k dividends untaxed as part of your initial allowance (can't remember what this year's allowance is, I'm going to ask my accountant)
    further 2k dividends tax free
    remaining 26.5-27k dividends taxed at 7%

    Roughly, but that's why I have an accountant.
    I think its £11.5k personal allowance from next April.

    The basic rate of tax on dividends is 7.5%, not 7%.

  10. #60

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    Quote Originally Posted by TheCyclingProgrammer View Post
    I think its £11.5k personal allowance from next April.

    The basic rate of tax on dividends is 7.5%, not 7%.
    Correct, confirmed as 11.5k and agreed on the dividend. I've checked an email from my accountant I was just providing a quick example. That in itself illustrates why an accountant is important; they're paid to keep on top of this sort of thing so that you can carry on fee-earning.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

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