For Company "Directors" - tax implications ....

[Octopus]

This is well worth a read....

Shocks in the 2016/17 PAYE codes | AccountingWEB

Still happy to be a sole trader!

 

[plugsandsparks]

Was shocked when Tories brought this in, they must be really really short of cash. Have just had my code through but no mention of the tax, yet.

Probably will stop paying myself any salary come April anyway

 

[123]

This is well worth a read....

Shocks in the 2016/17 PAYE codes | AccountingWEB

Still happy to be a sole trader!

Tax bill of 2k for income of 43k...?

 

[Octopus]

Tax bill of 2k for income of 43k...?

But for me the costs of being limited are higher than SE - so its not all a cost saving...

 

[Dynamoaccounts]

The national insurance level salary and balance being dividends is still the most efficient way of extracting funds, only problem is the cost is going up. We recently run a seminar on this for clients, it's reducing the financial benefit of running through a limited company but still the most efficient structure but it also has other advantages.

 

[plugsandsparks]

Sipps is also a very effective way of maximising your earned income. BTW they did change my code - rang them up and they changed it back, I said I would prefer to pay the tax when it is due not in advance.

 

[weevilward]

Don't forget the limited liability bit means protection for your own assets (your home, savings, Ferrari) if things go seriously t*ts-up with your business. They can take your company, but your home is yours. A sole trader can lose it all.
Not sure what scenario that would be (negligence? burning someone's house down?), but I feel more secure being LTD.