📣 Tax efficient salary 23/24 📣
Changes in tax mean the tax efficient salary is more complex than ever before BUT if you have no other income and you are taking small salary topped up by dividend these are the recommended rates -
Option 1- Pay no national insurance
Monthly salary £758.33 Annual salary £9,100
Why choose this option?
✅Qualify for state pension
✅Corp tax reduction for salary taken
✅No monthly payments due to HMRC
Option 2- Optimise personal allowance
Monthly salary £1,047.50 (increase from £992.33) Annual salary £12,570
Only go up to this amount if you are on it with your taxes and will remember to pay this over monthly OR you have staff anyway so already paying HMRC monthly for PAYE / NI.
You still benefit from the state pension at this level and also your corp tax saving increases so marginally better off tax efficiency wise 💪🏻
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