Our Salary and Dividend factsheet gives details of our recommendations for taking a salary and dividends from your limited company. Everyone is different – the solution given here is generic.
All too often shareholders are presented with a tax bill larger than anticipated because they’ve paid out dividends in the incorrect tax year. It’s important to remember that Dividends are reported on your self assessment by tax year.
Are you self employed? If so, here is information of the taxes you need to pay including details on income tax, national insurance and class 2 and class 4 national insurance payments.
The Self Assessment is the tax return you must complete each year if you are self employed. It is made up of the main form (referred to as the SA100) and a number of supplements. The form SA103 is the Self Employment supplement to the self assessment.
Running a limited company is not a walk in the park regulation wise; with ever changing tax laws the life of a limited company business owner has become more complex in recent times.