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Accountancy question

Murphman

By Murphman
in The Swanny

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Murphman

Murphman

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A director past state pension age pays himself £35000 in dividends with no salary to take into account.

Or a partner in a 3 way partnership pays himself £35000, he too is past state retirement age.

In scenario 1, Corporation tax @19% plus dividend tax @ 8% means £35000 attracts deductions of £9450

In scenario 2, Basic rate tax @ 20%, no NI to pay because of age means £35000 attracts deductions of £7000

Personal allowance taken up by state pension and additional earnings.

Is this correct, if not, what have I missed?

Tosh

Tosh

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Edited by Tosh
Murphman

Murphman

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Bailo

Bailo

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