The Practical Guide to Limited Company Tax
If you have chosen to operate your business as a limited com...
By Jonathan London on 26th June 2014
The next phase of our ongoing development of your accounting app will be released shortly. No doubt you’ll have noticed that our last few updates have been pretty comprehensive in terms of the visual implications of the functionality and changes that we have introduced, this time however we have concentrated on changes behind the scenes – to make sure that your pay breakdowns are as beneficial to you as possible.
Here’s a quick summary of what’s included in this new release:
Pay breakdown Enhancements
1) The recommended dividend amount in your pay breakdown will now operate like the salary target and will distribute the dividend payments throughout the year to meet the agreed target, rather than simply advising you of the maximum allowable dividends from that pay breakdown.
Your dividend target can be adjusted to suit your needs, so speak to your accountant to ensure that yours has been set to the most tax efficient value for your individual circumstances.
2) Your monthly accounting fee will no longer be automatically apportioned to the pay breakdown as a system expense, but will instead be created as a recurring expense in the system based on the service fee and payment date (usually 28th of each month).
Pay Me Dashboard Updates
Having said that most of the new changes are under the hood, we have also taken the opportunity to add completely new charts to the Pay Me dashboard to provide you with much more information on your company dividends and personal income. You’ll now be able to view the following in graphical form:
Remember – if you’re unsure about your Salary and Dividend targets, and are looking to remain tax efficient through your business, speak to your accountant for advice.
Our guide to closing your business explores some of the options for closing or suspending a limited company
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