If I pay my self dividends from my company, how much tax do I pay & is this tax offset against Corporation Tax
EG Profits before tax and dividends are £90,000. What is the best optimum scenario for Corporation tax / dividend tax and how much is the TOTAL tax [CT plus Div tax] payable ?
Answers:
You pay corporation tax on profits - profits of £90k are subject to 19% tax. What dividens you take is irrelevant to Corporation Tax, but taking money as dividends (rather than salary) will mean you don't have to pay NI.
There is no separate specific tax on dividends. Also, if you are below the upper threshold for personal tax (ie not in 40% band) there is no additional tax to pay personally on the dividends received, although they must be declared
no more than £10
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Answers:
You pay corporation tax on profits - profits of £90k are subject to 19% tax. What dividens you take is irrelevant to Corporation Tax, but taking money as dividends (rather than salary) will mean you don't have to pay NI.
There is no separate specific tax on dividends. Also, if you are below the upper threshold for personal tax (ie not in 40% band) there is no additional tax to pay personally on the dividends received, although they must be declared
no more than £10
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