The most tax-efficient way to pay yourself from your limited company
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If you run your own limited company, you can pay yourself in two main ways: a salary through payroll, and dividends out of the company's profit after corporation tax. Each is taxed differently. Salary costs the company employer National Insurance (NI) but saves corporation tax; dividends carry no NI but are paid from taxed profit and then taxed again personally. Getting the mix right can easily be worth several hundred to a few thousand pounds a year. This workbook runs the full company and personal tax calculation at every salary from £0 to £120,000, finds the split that leaves the most money in your pocket, and then turns that answer into a monthly payroll, quarterly dividends and a plan for the tax you'll need to set aside.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
Seven salary strategies side by side, with a bar chart of household take-home. What you do: nothing to enter – read and compare.
Step 2
Line-by-line tax workings for the recommended salary and your chosen salary. What you do: nothing to enter – use it to check or explain the figures.
Step 3
Monthly payroll, quarterly dividends, personal tax to set aside and key dates. What you do: nothing to enter – use it to set up payroll and plan dividends.
Step 4
The engine: a full calculation at every salary level tested. What you do: nothing to enter. Don't edit.
Who it is for
Quick start
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Part of AML Finance Group
Our sister firm, AML Accountancy Solutions, is an award-winning accountancy practice helping businesses and individuals across the UK with their accounts, tax, bookkeeping and payroll.
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