Dividend Rates
Changes to Dividend Rates 2023/24
**(Payable against drawings of every 10k)
The £1,000 tax free Dividend Allowance means that you won’t have to pay any tax on the first £1,000. Bear in mind if you receive dividend tax through your investments as well as your drawings you only have one 1k allowance to use.
Dividends received by pension funds that are currently exempt from tax and dividends received on shares held in an ISA will continue to be tax free.
So if you are currently a director and drawing at the 50k level then from Tax year ending April 2024 payable by January 2025 you will have a £3,187 tax bill.
The £1,000 tax free Dividend Allowance means that you won’t have to pay any tax on the first £1,000. Bear in mind if you receive dividend tax through your investments as well as your drawings you only have one 1k allowance to use.
Dividends received by pension funds that are currently exempt from tax and dividends received on shares held in an ISA will continue to be tax free.
So if you are currently a director and drawing at the 50k level then from Tax year ending April 2024 payable by January 2025 you will have a £3,187 tax bill.
For more information and guidance please contact Clara at CASA who will be happy to assist.
Info@casa-office.co.uk or 07798 873077
Info@casa-office.co.uk or 07798 873077