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income for director

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  • 7 posts
  • # 114510

Hello,

I'm I right thinking that director of ltd company, can "take out" of the company in the tax year 16/17 11000 GBP free of tax, then 5000 GBP dividents tax free, so altogether director of ltd company can get 16000 GBP free of tax?

Am i right or am i wrong?

Please help!

  • Member PM.Dip
  • Practice Licence
  • 157 posts
  • # 114511

Anya said:

Hello,

I'm I right thinking that director of ltd company, can "take out" of the company in the tax year 16/17 11000 GBP free of tax, then 5000 GBP dividents tax free, so altogether director of ltd company can get 16000 GBP free of tax?

Am i right or am i wrong?

Please help!


 The £11,000 needs to go through payroll and will be suject to NI. The £5,000 dividends - correct (unless he/she has shares in other companies as well such as private hodlings of plc shares etc. in which case the first £5000 of all dividends is Tax free).

Hope this helps.

  • Affiliate
  • 7 posts
  • # 114512

Thank you :) your reply did help 


 

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