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limited company at companies house
£29774 under limited company.
Expenses circa £500 for computer.
I have not submitted companies house return or corporation tax return yet.
Started trading 17 Feb 14. Contract completed 31 Mar 14.
In addition I need to factor in the following from my salaried employment:
I have not formally paid myself any salary through limited company.
hope that makes sense !
Hi, I'd just like to clarify the response.
I was really looking for advice on what would be or have been the best mix of salary, dividends and corporation tax based on the numbers I provided.
In terms of the payments to myself by the company - the company bank account is my bank account. I have not formally made payments yet because I haven't had to move the money anywhere. Notionally I was looking to pay myself not salary but dividends and file this at the end of the company tax year (end Jan 15?).
The dividend payments are what I would then expect to include on my self assessment tax return. I was just looking for advice on whether this was the best approach based on the numbers I provided and the fact that I have c£100k tax deductible salary to take into account.
Does that make sense ?
I am already set up on self-assessment.
I think that's clear, many thanks. I have one final clarification. Your paragraph below refers to the capital gains tax to be paid on dividend payments I am assuming ?
If that's the case then great I am clear on what I need to do.
Grateful if you could just confirm.
'Then you will have a further 27.5% tax on the excess income over and above £150,000 and a further 22.5% on the amount up to total income of £150,000) on this payment( as the rate is 32.5% up to £150,000 and then 37.5% on income in excess of £150,000 but the company would have suffered 10% notional tax which has to remain in the company, which reduces this down to 22.5% and 27.5% ) you then on £21,041.28 will pay between £4734.22 and £5786.35