For those on here that own business and pay Salary and Divs what are you doing about the tax changes that come in next month?
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Tax changes - April - What to do??
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Posted 2 years ago #
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Cash in hand mate.
Posted 2 years ago # -
as always there will be a loophole around it, clever accountants can easily oustmart those at the IR.
Posted 2 years ago # -
what are they changes?
I assume it's IR35 related?
Posted 2 years ago # -
move to the Isle of Man, we've not got IR35, however it may not fool my colleagues in HMRC. Top rate of tax 20% in April, nice allowances, plus mortgage/loan relief. And its got lots of nice hills and trails too!
Posted 2 years ago # -
..and you can marry your sister.
Posted 2 years ago # -
As the owner of a Ltd company, guess we just got to get on with it, only thing Im not happy about is paying the VAT online, but we are working on that one.
Posted 2 years ago # -
You're bothered about having to pay VAT online, but not the extra 32.5% on dividends?
Posted 2 years ago # -
Chatting to the accountant for a few quid not worth the
worry.Posted 2 years ago # -
Actually, reading the 2009 budget, it's not entirely clear if it applies to just people earning over £150k:
There will be a top rate of income tax for 2010/11 of 50% (42.5% on dividends) for individuals with incomes of more than £150,000. The rate applicable to trusts will also rise to 50% (42.5% on dividends) from 6 April 2010.
Posted 2 years ago # -
If you're talking abt the 50% rate a bit of tax planning should make it almost irrelevant. Remember personal Allowances also reduce on a sliding scale between £100 and £150k. Use of pension, spouse divs, deferral of income are all options.
Posted 2 years ago #
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