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Self Assessment - not enough money to pay?

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    #11
    Originally posted by Diestl View Post
    Also Dividends should be paid after tax is deducted.
    Yes but there can be additional top-rate tax to pay

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      #12
      SallyAnne, is this post connected to a post you made some time back where you said you spend what you turnover and then when your tax bill is due you start saving for it?
      Older and ...well, just older!!

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        #13
        Originally posted by Platypus View Post
        Yes but there can be additional top-rate tax to pay
        What do you mean? I've paid all my tax up front? I pay low salary to avoid higher rate and take dividends as rest of income which has already been taxed (Corp tax).

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          #14
          Originally posted by Diestl View Post
          What do you mean? I've paid all my tax up front? I pay low salary to avoid higher rate and take dividends as rest of income which has already been taxed (Corp tax).
          yes but it all gets added back together to see if there is any top rate to pay (in uk dietstl , at least)





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            #15
            Originally posted by Diestl View Post
            What do you mean? I've paid all my tax up front? I pay low salary to avoid higher rate and take dividends as rest of income which has already been taxed (Corp tax).
            If you take more in dividends that then put you into the higher tax rate, then there is additional personal tax to pay on the income from dividends.
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              #16
              Originally posted by TheFaQQer View Post
              If you take more in dividends that then put you into the higher tax rate, then there is additional personal tax to pay on the income from dividends.
              Yes - quite a bit too (if you take lots as divis)- and this is what the OP was asking - how do you make provision for this extra tax.

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                #17
                Originally posted by Jubber View Post
                Yes - quite a bit too (if you take lots as divis)- and this is what the OP was asking - how do you make provision for this extra tax.
                Ah I wasnt aware of that! What percentage is it of income?

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                  #18
                  Originally posted by Diestl View Post
                  Ah I wasnt aware of that! What percentage is it of income?
                  very roughly

                  (income - 30k) * 0.15




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                  ("")("") Born to Drink. Forced to Work

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                    #19
                    Originally posted by Jubber View Post
                    Yes - quite a bit too (if you take lots as divis)- and this is what the OP was asking - how do you make provision for this extra tax.
                    I avoid higher rate tax by having a crap rate and being benched for half the year.
                    Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

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                      #20
                      Originally posted by gingerjedi View Post
                      I avoid higher rate tax by having a crap rate and being benched for half the year.
                      Lol - Viz top tips
                      "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


                      Thomas Jefferson

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