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Tax Calculators

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neversay
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Tax Calculators

#69955

Postby neversay » July 27th, 2017, 11:15 am

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?

neversay
2 Lemon pips
Posts: 167
Joined: January 27th, 2017, 9:31 pm
Has thanked: 168 times
Been thanked: 26 times

Re: Tax Calculators

#69957

Postby neversay » July 27th, 2017, 11:32 am

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)

MarkNeilon
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Re: Tax Calculators

#124449

Postby MarkNeilon » March 13th, 2018, 9:07 am

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.

neversay
2 Lemon pips
Posts: 167
Joined: January 27th, 2017, 9:31 pm
Has thanked: 168 times
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Re: Tax Calculators

#124461

Postby neversay » March 13th, 2018, 9:26 am

That's wonderful. You absolute star!

bentoncollier
Posts: 2
Joined: February 15th, 2018, 8:36 am

Re: Tax Calculators

#125383

Postby bentoncollier » March 16th, 2018, 2:08 pm

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.
Source:- DNS Accountants


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