One thing that has surprised me in recent times is the the handful of people I have met who choose to pay more tax than they have to.
Not saying it's common, but some people who earn a lot do feel strongly about paying the same proportion of tax as everybody else.
Speaking personally, while I don't claim to deliberately pay more than I need to, as a company director I draw a salary that is equal to my annual expenditure + 25% so that I don't lean too heavily on the dividend tax loophole. Just felt wrong when an accountant tried to convince me to draw a salary equal to the lower tax band. Why should I pay less tax for the same money than an employee?
I did this to boost my earnings on paper to get a mortgage
That was part of my decision too. Its all very well being billy big bollocks and saving a few grand here and there using clever accounting, but if it massively reduces your mortgagability then its not much use to you.
One thing that has surprised me in recent times is the the handful of people I have met who choose to pay more tax than they have to.
Not saying it's common, but some people who earn a lot do feel strongly about paying the same proportion of tax as everybody else.
Speaking personally, while I don't claim to deliberately pay more than I need to, as a company director I draw a salary that is equal to my annual expenditure + 25% so that I don't lean too heavily on the dividend tax loophole. Just felt wrong when an accountant tried to convince me to draw a salary equal to the lower tax band. Why should I pay less tax for the same money than an employee?