UK Tax Calculators.co.uk
UK Tax Calculators.co.uk
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Assume 2016/7:16k gross savings, 5k divs, 11.1k CGT. Should = nil tax overall. Doesnt.
Ac - 14/07/2015 10:00:16Gross savings of 16k, so enter 12.8k net savings into calc. Total annual gross income therefore equals 32.1k, which is over the amount allowed to have tax-free savings up to 5k. The only tax charged is on savings at source, but some of that is refundable as total non-savings income is less than 16k. So, no extra tax to pay but a refund of tax charged at source on savings of 2.2k.
Ray Arman
1 query example 2; you have not taken advantage of the last £2,888 personal allowance after only £8112 salary???
Luke Randolph - 09/07/2015 19:35:08The second example attempts to only take a salary equal to an amount before it would be liable to NICs. It may not be the best scenario depending upon the profit but is placed there to allow comparison.
Ray Arman
In terms of the dividend vs salary calculator how about a max £32k dividend option illustration?
Richard Russell - 09/07/2015 12:52:23It depends upon the level of profits input into the calculator at the moment. So a £32k dividend will only be taken if the company has net profits after CT of £32k.
Ray Arman
I also think that the tax on dividends is not taking into account the new £5K allowance and the 3 differentrates of taxation
Will Barnett - 09/07/2015 12:18:24This has now been added. Select the 2016/17 tax year option.
Ray Arman
Hello, your new dividend tax calculator for 2016/17 does not take into account the drop in CT to 19%.
Will Barnett - 09/07/2015 12:06:08The rate drops to 19% in 2017.
Ray Arman