havework willtravel

Registered with Property118.com
Tuesday 28th July 2015


Latest Comments

Total Number of Property118 Comments: 5

havework willtravel

21:03 PM, 30th October 2017, About 4 years ago

Section 24 will make me bankrupt!

Of course I understand. I've ran a Ltd Co for 5 years and I've never felt that I was being double taxed. I understand that of the 3 options available (PAYE, umbrella or Ltd Co) being a Ltd. Co results in me paying the least amount of tax and the tax man intends to remedy that.... Read More

havework willtravel

20:36 PM, 30th October 2017, About 4 years ago

Section 24 will make me bankrupt!

Companies don't pay dividend tax.
Individuals don't pay corporation tax.

So no one is double taxed. Company or individual. Which was kind of my point.... Read More

havework willtravel

19:18 PM, 25th October 2017, About 4 years ago

Section 24 will make me bankrupt!

Reply to the comment left by Lindsey Sharratt at 25/10/2017 - 18:37
Here's the thing though Lindsey. Many, many people, including me, work through Limited Companies and we don't feel we're somehow different and entitled to pay less tax. Argue away all you want about Section 24, but VAT, Corporation
Tax and Dividend tax are borne by every limited company so just suck it up and get on with it.... Read More

havework willtravel

14:16 PM, 25th October 2017, About 4 years ago

Section 24 will make me bankrupt!

Reply to the comment left by Lindsey Sharratt at 25/10/2017 - 13:37
I knew someone would come back with a comment, just as well I did the figures in the meantime eh......

PAYE earning 40K would pay £9520 in tax and NI - taking home £30480
Ltd Company with 1 director taking home £30480 would have paid approx. £5520 Corp Tax and £1048 Div Tax = £6568

So quite a bit less overall... Read More

havework willtravel

13:21 PM, 25th October 2017, About 4 years ago

Section 24 will make me bankrupt!

Can't believe no one has picked you up on your section on dividend tax.
Dividend tax wasn't "made up" in 2016, it already existed in a slightly different format. Any competent individual running a Ltd Company would know that. If any of your Ltd Company Directors took enough dividends to put them in the 40% tax bracket prior to 2016 they should have been paying this.

As for the rest of your post.

All the dividend tax does is balance up what you don't pay in income tax and National Insurance. If you take a salary of £10k and dividends of £50k you'll still pay less tax as a Ltd Co director than earning £60k as PAYE

Forget VAT, you charge VAT (I assume) then pay VAT it doesn't come out your pocket.... Read More