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It is important to revisit our financial situation early in the tax year and the various ways in which we could save some tax, extract cash from the business and reduce tax liabilities. We list below some of the tax planning opportunities available in the current tax year (05 April 2023 for individuals and 31 March 2023 for corporates). Salaries As a director of a limited company, you are entitled to be paid a salary for your work and so are members of your family who work for the company. Paying at least a small salary can be very beneficial, particularly when the recipient does not already have the 35 qualifying years needed for entitlement to the full single-tier state pension, which is payable to those who reach state pension age on or after 06 April 2016. To preserve entitlement to state pension, and to ensure the year counts as a qualifying year, it is advisable to pay a salary at least equal to the lower earnings limit for National Insurance Contributions (NIC) which is set at £578 per month for 2022/2023 i.e., £9,100 per annum. Salaries may be beneficial where funds are needed in a recession for example, and the company does not have sufficient reserves to pay dividends. Dividends The annual tax-free dividend allowance for 2022/2023 is £2,000. Although referred to as an "allowance", it is actually a zero-rate band and therefore uses up your basic or higher rate band as appropriate. Dividends are treated as the top slice of income and for 2022/2023, dividend income is taxed at 8.75% to the extent it falls within the basic rate band, 33.75% if it falls within the higher rate band and 39.35% to the extent it falls within the additional rate band.

When it comes time to choose a Medicare plan, it can be difficult to know where to start. There are so many factors to consider, from the cost of coverage to the quality of care you'll receive. How do you know which plan is right for you? This article will discuss some of the most important things to keep in mind when choosing a Medicare plan. It will cover everything from drug coverage to hospital and doctor networks. By the end of this article, you'll be able to confidently choose the right Medicare plan for your needs! COST Of course, for most of us, the cost of our healthcare is a major consideration. When you're choosing a Medicare plan, you'll want to make sure that you're getting good value for your money. Be sure to compare the monthly premiums, deductibles, and copayments of each plan you're considering. You may also want to look at the total annual out-of-pocket costs for each plan. This will give you a good idea of how much your healthcare will actually cost you on a yearly basis. If you plan to be using Medicare for insurance, it's important to do your research before enrolling. This way, you can be sure that you're getting the best possible coverage for your needs and budget.