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sorry did you get my last e -mail with the details?
sorry I will do it again....I am a co director of a ltd company, company was incorporated last year. From April onwards I have been advised to pay myself a salary of £8052, and tax free dividends to £7948. After that for the next £27000 I am to pay £2025 (7.5%).
What happens after the £27000 ?
I am paid a retainer by an Italian company with no presence in the UK, so I am paid a retainer of £K100/year, £8333 per month plus expenses.
I have other questions to follow
the advice you give is a bit different from an hmrc advisor. The £11000 reduced to £8052 , I am the only person in the company, The £K3 now restricted to those employing 2 or more, there is only me. I am NOT an employee but a retained consultant, the Italian company do not have a UK bank account or any other business in UK. Would it be more beneficial for me to be a sole trader?. Quick q relating to dividends, so if I take £100K as a total figure, Salary of £8K, so £K92. £K5 taxed at 0%, leaving £K87. the next £K27 taxed at 7.5%, leaving £K60 taxed at 32.5%, is that right (100-(8+5+27=40)=£K60.
Great, thank you, ***** ***** quite a lot more tax than I did last financial year, so I am thinking of increasing my pension contribution, I think this would be a good move, would you agree on this?
I think I get tax relief in this, is this correct?
Really sorry if these sound really thick..
thank you, ***** ***** help