£38K is the current UK average wage, are business owners working for less??

[Stoatally]

Having a quick tickle on the gov.uk calculator it seems that tax credits are good if you have kids but not if you don't. A combined income of 20k with 3 kids estimates £650 a month. Sane income with no kids = 0

[donnk]

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

[Ty Korrigan]

is the frog vat rate £34k then, ??

You got it.

Ty

[Billy]

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

 

 

More than your tax code?

[Al Cormack]

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

 

 

 

More than your tax code?

 

 

I think he means a salary that is higher (more) than your tax code tax free allowance.

[Billy]

I think he means a salary that is higher (more) than your tax code tax free allowance.

 

 

Ah right, that's mad, in the South East the tax free allowance would barely cover a mortgage. If you think like this an employed position is probably best for everyone!

[skyhuck]

Ah right, that's mad, in the South East the tax free allowance would barely cover a mortgage. If you think like this an employed position is probably best for everyone!

 

I think he mean you take under your tax code as salary and the rest of your income as a dividend, this what I do, as I run a limited Co.

[Al Cormack]

I think he mean you take under your tax code as salary and the rest of your income as a dividend, this what I do, as I run a limited Co.

 

 

Get taxed on dividends now as well. 😡After the first £5000.

Still less % than income tax though.

[Johny Walker]

Get taxed on dividends now as well. 😡After the first £5000.

Still less % than income tax though.

 

is that per yr or qtr

[Steve Bullman]

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

Tax accountants aren't miracle workers though. Theres only so much you can buy and offset each year