I am in the very fortunate position of making too much profit already this year, so I need to do some early tax planning (for my wife and I).
DAK if there is a spreadsheet anywhere that let's you play with figures for profit, salary, dividends etc and find the sweet spot?
I can see this tool: http://www.itcontracting.com/calculator ... alculator/ but I really want to edit it to take account of our different salaries and divided amounts, then balance against corporation tax and other options. I may build one from scratch but if there's a starter for ten out there then it would be very helpful.
Also, I am looking at the following routes for tax efficiency:
- balancing our salary/dividends
- direct pension payments
- relevant-life insurance policy
- buying IT and other kit
- other claimable expenses (mileage, home office, overnight expenses, etc)
- pushing off contracts to our new FY (Jan'18)
- (no need for other staff, marketing or assets)
Am I missing any other ways?
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Tax Calculators
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- Lemon Slice
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- Lemon Slice
- Posts: 632
- Joined: January 27th, 2017, 9:31 pm
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Re: Tax Calculators
Incidentally, there is this description of the sweet spot in basic terms:
http://jf-financial.co.uk/2017/01/12/op ... ds-201718/
Our situation is slightly different as my wife and I have different income from inside/outside the business.
(I'm guessing I might need to build my own sheet from scratch)
http://jf-financial.co.uk/2017/01/12/op ... ds-201718/
Our situation is slightly different as my wife and I have different income from inside/outside the business.
(I'm guessing I might need to build my own sheet from scratch)
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Re: Tax Calculators
I've had the same dilemma this year, and it can be quite tricky to perfectly optimise your dividends/salary/other tax benefits. It will be even worse this year, as the dividend allowance drops to £2k I like to play around with the sliders on this dividend calculator (sorry not allowed to post link):
income-tax.co.uk/dividend-tax-calculator
...to see how the net take-home value is changing, it's quite useful. You can also add childcare vouchers, pension contributions and benefits in kind, pretty cool stuff.
I hope it helps.
income-tax.co.uk/dividend-tax-calculator
...to see how the net take-home value is changing, it's quite useful. You can also add childcare vouchers, pension contributions and benefits in kind, pretty cool stuff.
I hope it helps.
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- Lemon Slice
- Posts: 632
- Joined: January 27th, 2017, 9:31 pm
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Re: Tax Calculators
It calculates the tax payable on the dividend of one person's holding shares of the company. While calculating corporation tax, business expenses of dividends can not be made.
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