Dividend Option: | 31/03/21 |
Overdrawn Directors Current Account | 10,000 |
Dividend | 10,000 |
Dividend Allowance | 2,000 |
Income Tax on Dividend (7.5% Assumed) | (600) |
Total Cost of Dividend | 600 |
Salary Option: | 31/03/21 |
Overdrawn Directors Current Account | 10,000 |
Salary | 10,000 |
Additional PAYE | 1,884 |
Additional Employee National Insurance | 1,200 |
Additional Employer National Insurance | 1,380 |
Corporation Tax Relief | (2,276) |
Total Cost of Salary Option | 2,188 |
Do Nothing: | 31/03/21 |
Overdrawn Directors Current Account | 10,000 |
Section 455 Charge (32.5%) | (3,250) |
Initial Cost of S455 Option | 3,250 |
Payable by | 01/01/22 |
Financial Year in which Directors Current Account is Cleared. | 31/03/22 |
Repaid by HMRC | (3,250) |
Repayment can be Applied on or after by Filing L2P Form | 01/01/23 |
Total Cost of S455 Option | 0 |
Standard Operating Procedure for internal use by Avar Team.
Standard System and Procedures for external use eg. (clients).
[sibwp_form id=2]