A deal has been made to pass the Scottish Budget. The agreement reached means that income tax rates for high earners who live in Scotland will not increase. However the higher rate tax threshold (the rate at which tax payers start paying 40% tax) will be frozen.
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.