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The Holistic Hustle
United Kingdom
Registrace 9. 02. 2020
Through this channel I will share my knowledge on business, e-commerce and marketing, as well as habits you need to 'level-up' in life, how to initiate those habits and how to sustain them. For those who haven't been silver spoon fed and need to fend for themselves this will be a great place to start or continue your journey.
Holistic - "Encompassing the whole of a thing, and not just one part".
Hustle - "To proceed or work rapidly or energetically".
This page isn't just about how to succeed through business but also through life. The key is to hustle and enjoy the journey!
Holistic - "Encompassing the whole of a thing, and not just one part".
Hustle - "To proceed or work rapidly or energetically".
This page isn't just about how to succeed through business but also through life. The key is to hustle and enjoy the journey!
How to Pay Yourself from a Limited Company UK | Best Way to Pay Yourself as a Director in 2024/2025
Discover the Best Way to Pay Yourself as a Director of a Limited Company for the Tax Year 2024/2025.
As a director of a limited company, determining the most tax-efficient salary for yourself is crucial. Let's delve into the recommended salary approved by accountants for this fiscal year.
Salaries exceeding this threshold face double taxation, subject to both employer's NI at 13.8% and employee's NI at 8%. Hence, diverting dividends above the primary threshold proves a wiser approach, as NI doesn't apply to dividends.
Income tax and NI thresholds remain unchanged this year. Frozen thresholds, combined with rising salaries, translate to increased tax revenues for the government.
Combining a basic salary with dividends typically emerges as the most tax-efficient remuneration method from a limited business. Basic salary usage maximises the tax-free personal allowance, while dividends offer a favourable tax regime compared to the conventional income tax and NI combo.
Nevertheless, individual circumstances may warrant a full PAYE salary. It's advisable to consult an accountant to ascertain the ideal director's salary for your limited business.
For the 2024/2025 fiscal year, income tax rates and thresholds are as follows:
- Personal allowance: £12,570 (0%)
- Basic rate: £12,571 to £50,270 (20%)
- Higher rate: £50,271 to £125,140 (40%)
- Additional rate: £125,140+ (45%)
On the other hand, dividend tax rates and thresholds for the same period are:
- Basic rate: £13,071 to £50,270 (8.75%)
- Higher rate: £50,271 to £125,140 (33.75%)
- Additional rate: £125,140+ (39.35%)
Key Facts About Dividends:
- Payable to shareholders from current or retained profits
- Can be disbursed monthly, quarterly, or annually
- Taxed via self-assessment
- Tax-free dividend allowance for 2024/2025: £500
National Insurance rates and thresholds for 2024/2025 include:
- Lower Earnings Limit (Pension Threshold): £6,396 per year
- Primary Threshold (Employees): £12,570 per year
- Employees Rate: 8% up to £50,270, 2% thereafter
- Secondary Threshold (Employers): £9,100 per year
- Employers NI: 13.8% above the secondary threshold
Corporation tax rates and thresholds for 2024/2025:
- Less than £50,000 (Small Profits Rate): 19%
- £50,001 to £250,000: Marginal Relief
- £250,000+: 25%
Most Tax-Efficient Director’s Salary for 2024/2025:
- Recommended Salary: £12,570 per year / £1047.50 per month (Dividends for amounts above)
- Utilizes personal allowance fully
- Above LEL threshold for state pension eligibility
- Below primary threshold (no employee NI)
Corporation tax savings on allowable business expenses:
- Salary
- National Insurance
- Pensions
The costs below can be expensed if solely used for your business:
- Startup costs (can be claimed up to 7 years before the company starts trading)
- Health check and eye test expenses (if you use computer screens as a big part of your job)
- Business insurance expenses
- Advertising, marketing and PR expenses
- Accommodation expenses for business trips
- Bank charges
- Phone bills
- Equipment expenses including phones, computers and more.
Timecodes:
0:00 - Intro
1:25 - Income Tax
3:16 - National Insurance
8:40 - Corporation Tax
10:29 - Dividends
13:53 - My Recommended Salary
14:15 - Reasons for Recommended Salary
------------------------------------------
SCHEDULE A 1-2-1 COACHING CALL WITH ME
🤝 bit.ly/3UbUSeN
------------------------------------------
REGISTER A VIRTUAL OFFICE IN THE UK
🏢 bit.ly/3S85qch
------------------------------------------
MARGINAL RELIEF CALCULATOR
💰 bit.ly/4cwgjhn
------------------------------------------
CZcams VIDEO ON HOW TO REGISTER A COMPANY
📹 czcams.com/video/1KjVQ62P21E/video.html
------------------------------------------
SUBSCRIBE TO MY CHANNEL
🔴 czcams.com/channels/kI2fQz3wJSLLlVCI_7u7QQ.html
------------------------------------------
I'll be releasing more Business, E-Commerce and Marketing related content. So if you found this video helpful and want to stay tuned with more videos then please subscribe to my channel so I can keep these videos coming!
Let me know if this has helped in the comments below!
As a director of a limited company, determining the most tax-efficient salary for yourself is crucial. Let's delve into the recommended salary approved by accountants for this fiscal year.
Salaries exceeding this threshold face double taxation, subject to both employer's NI at 13.8% and employee's NI at 8%. Hence, diverting dividends above the primary threshold proves a wiser approach, as NI doesn't apply to dividends.
Income tax and NI thresholds remain unchanged this year. Frozen thresholds, combined with rising salaries, translate to increased tax revenues for the government.
Combining a basic salary with dividends typically emerges as the most tax-efficient remuneration method from a limited business. Basic salary usage maximises the tax-free personal allowance, while dividends offer a favourable tax regime compared to the conventional income tax and NI combo.
Nevertheless, individual circumstances may warrant a full PAYE salary. It's advisable to consult an accountant to ascertain the ideal director's salary for your limited business.
For the 2024/2025 fiscal year, income tax rates and thresholds are as follows:
- Personal allowance: £12,570 (0%)
- Basic rate: £12,571 to £50,270 (20%)
- Higher rate: £50,271 to £125,140 (40%)
- Additional rate: £125,140+ (45%)
On the other hand, dividend tax rates and thresholds for the same period are:
- Basic rate: £13,071 to £50,270 (8.75%)
- Higher rate: £50,271 to £125,140 (33.75%)
- Additional rate: £125,140+ (39.35%)
Key Facts About Dividends:
- Payable to shareholders from current or retained profits
- Can be disbursed monthly, quarterly, or annually
- Taxed via self-assessment
- Tax-free dividend allowance for 2024/2025: £500
National Insurance rates and thresholds for 2024/2025 include:
- Lower Earnings Limit (Pension Threshold): £6,396 per year
- Primary Threshold (Employees): £12,570 per year
- Employees Rate: 8% up to £50,270, 2% thereafter
- Secondary Threshold (Employers): £9,100 per year
- Employers NI: 13.8% above the secondary threshold
Corporation tax rates and thresholds for 2024/2025:
- Less than £50,000 (Small Profits Rate): 19%
- £50,001 to £250,000: Marginal Relief
- £250,000+: 25%
Most Tax-Efficient Director’s Salary for 2024/2025:
- Recommended Salary: £12,570 per year / £1047.50 per month (Dividends for amounts above)
- Utilizes personal allowance fully
- Above LEL threshold for state pension eligibility
- Below primary threshold (no employee NI)
Corporation tax savings on allowable business expenses:
- Salary
- National Insurance
- Pensions
The costs below can be expensed if solely used for your business:
- Startup costs (can be claimed up to 7 years before the company starts trading)
- Health check and eye test expenses (if you use computer screens as a big part of your job)
- Business insurance expenses
- Advertising, marketing and PR expenses
- Accommodation expenses for business trips
- Bank charges
- Phone bills
- Equipment expenses including phones, computers and more.
Timecodes:
0:00 - Intro
1:25 - Income Tax
3:16 - National Insurance
8:40 - Corporation Tax
10:29 - Dividends
13:53 - My Recommended Salary
14:15 - Reasons for Recommended Salary
------------------------------------------
SCHEDULE A 1-2-1 COACHING CALL WITH ME
🤝 bit.ly/3UbUSeN
------------------------------------------
REGISTER A VIRTUAL OFFICE IN THE UK
🏢 bit.ly/3S85qch
------------------------------------------
MARGINAL RELIEF CALCULATOR
💰 bit.ly/4cwgjhn
------------------------------------------
CZcams VIDEO ON HOW TO REGISTER A COMPANY
📹 czcams.com/video/1KjVQ62P21E/video.html
------------------------------------------
SUBSCRIBE TO MY CHANNEL
🔴 czcams.com/channels/kI2fQz3wJSLLlVCI_7u7QQ.html
------------------------------------------
I'll be releasing more Business, E-Commerce and Marketing related content. So if you found this video helpful and want to stay tuned with more videos then please subscribe to my channel so I can keep these videos coming!
Let me know if this has helped in the comments below!
zhlédnutí: 5 684
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bro whats the sic code that allow banks tend lend rather than waiting 2 years
Very useful. However, does auto enrollment for pensions apply to directors like other employees?I am not impressed with the expensive auto enrollment options available, hence have limited salary to £750pm to avoid employers NI and to avoid auto enrollment (company pays into a SIPP instead).
Cracking vid mate, looking forward to the one about expenses! Hope it's coming soon!
Amazing tutorial, mate!! Gave me all the confidence to navigate through this task that can be dauting if never done before. You're an absolute legend for sharing such detailed video. Thanks a bunch!!
how i select other directors and their shares
thanks for the info, its now £50 not £12 but hey ho
Brilliant 👏
thank you so much this was very valuable
Your videos are a treasure trove of helpful tutorials! When it comes to filling in the job title for the director, is that the last job they were doing? If they're currently not working, can you put in n/a? Also, if the director is a nonresident, under home address, would that be the address where they're currently living or can it be an accountant's address?
hello I am French, I live in France, I created a Ltd to do slope on Amazon England I thought it was free? I receive letters from the English government to my postal address in France every two months and now I have just received a letter telling me that I have to pay but I do not understand what because I have not made any turnover Is it possible to change my bank card number and my postal address?
Hello I have a UK ltd, is it possible to change the postal address and bank card? Thanks
YOU ARE A GREAT TEACHER SUPERB
Good video thanks My Guess is the next video you do is about Dividend tax rates being the same as Income Tax rates with a Labour Govt its been too good for two long low salary high dividends I hope I am wrong if it happens its a 11% tax increase so even as a basic rate director your paying 40% tax as a higher rate tax payer it dosent bare thinking about and i bet there are pension changes on the way too
Can this work for non UK residents?
I found your video to have great content! I'm starting as a freelancer with a £400 day rate. Could you please let me know if you have any videos or playlists that guide me through the process from setting up a limited company and bank account to PAYE setup? P.S. I want to do this on my own and learn instead of hiring a CA.
Hey VR, I have a video on how to set up a limited company which you could use to register your company: czcams.com/video/1KjVQ62P21E/video.html If you need any more help then feel free to get in touch with me for a 1-2-1 coaching session: bit.ly/3UbUSeN Hope that helps and good luck for now 🙌
Thankyou x
My pleasure and good luck with your business! 🙌
Great informative video. One tiny suggestion might add topping on the ice-cream. Sound is a bit echoie.
Thanks for your comments and thanks for the heads up, I’ll get that sorted in the next one. Until then, best of luck with your business 🙌
Excellent breakdown, thanks. used it recently and most info still applicable (sans price.... of course its 50 quid now. cheers rishi et. al!). many accountancy firms will change in excess of 1k for this service so very much worth the squeeze.
Hey Guy, I couldn’t agree more and believe it or not it costs well over £1k to register a business in some countries so we still have it good 👌
If you have a government gateway number for personal tax would you need to create another one for business tax?
Hey Sonal, yes each business should have its own government gateway number and UTR 👌
Very well outlined ... Great guy
Thanks for your comments and best of luck with your business 🙌
Does that mean when i apply through Headstart to get my trademark. When the examiner the person checks it over in around a week if he verifies it at that time say 5 days does that mean i will have a pending trademark. i am selling on amazon and with a pending trademark i can apply for a brand name.
Great video! so helpful & detailed!
My pleasure Sheila, and good luck with your business!
This was fantastic. Thank you for explaining it in human terms!
Thanks for your comments Tanya! I’m glad you found it useful and simple to understand. These topics tend to be unnecessarily complicated. Good luck with your business!
At 7:29 you state the 15 years pro rata payment as £116.49 per week. Should this not be £87.36? (£203.85/35 x 15)
Hi Mike, you’re absolutely spot on. Not quite sure what happened there but I’ll try to add something to the video as a correction, thanks!
Good video
Thanks for your commenting and I wish you the best with your business. Feel free to get in touch if you have any questions etc 👍
God bless.
My pleasure and thanks for the comment 👍
How do I create a trading name under my limited company? I formed my company using companies made simple and not through the gov uk website
You can trade under any name which is not already taken but to provide additional protection you can register a trademark which costs £170 and takes around 2 months to become active if nobody appeals it 👍
@@TheHolisticHustle thanks, is it possible to create a secondary trading name without trademarking it? And how do i go about creating the secondary 'trading as' name under my existing limited company?
Where can i make the payment of 12£ after i went of the page to make the payment? Can't find the option anywhere, thanks
Hey there, maybe there’s been changes to the payment page but keep following through with the application and you should get here 👍
Excellent video buddy, i am just starting out on this path, lots of info and given across in an easy, digestible way. Thanks for taking the time to put this out there.
Thanks 🙏 .. I remember finding everything quite overwhelming at the very start too but definitely don’t let that put you off and things get a lot easier with time and knowledge, good luck with business for now 🙌
Fantastic video, super clearly explained and so helpful, thank you! Subscribed - looking forward to the video on tax deductible business expenses.
Thanks for your comments Aleksei! I’m glad you found it helpful and I wish you the best with business for now 👌
Wherever I've seen such type of video it is only telling that if you are going to setup an amazon or ebay type of business. But I need to know if that it is also equally liable to do a web development consultancy? Also please list down the steps that I need to take to get up and running. As I know that creating just a company is not enough. Obviously we need bank accounts etc and all that depends on the addresses. Which I totally don't understand how it will work. Please also elaborate that if I need to buy a sim as well? As a non resident of UK can I create all of that while living in Pakistan. Please guide. Looking forward to your response.
Hey there, for any in depth information or multiple questions I’d suggest setting up a one to one session with me on clarity and I’ll be able to dedicate some time on everything properly 👍
Thanks so much for this video I needed the info for setting up a company for you tube monitization so found it super clear and helpful ❤
Amazing, great to hear your account is going well enough to monetise it 🙌
Would promoting other peoples products on socials like instagram (affiliate marketing) be considered a business that requires you to register with the government?
Hey there, yes any business which generates over £1000 per year needs to register with the government 👍
Is it the same procedure with 2 directors?
Yes but you should find where a section to add the other director 👍
Hi Mario, your videos are simply top notch! Clearly explained and above all you welcome questions! Such a great resource. Thank you!! Look forward to more from you. For now, here's my question, can the registered office link from 1st formations be used if you're a soletrader or is that just for companies?
Hey assayed, thanks for your message and with regards to your question you can certainly use a virtual address as a sole trader but it is more necessary for limited companies 👍
Thanks Mario, it was to protect my address when registering for a trademark. Am I right in thinking the only way to do that would be by using a virtual address?
I loved your video , thanks so much for helping us out❤. I finally understand the topic clearly now thanks to you but after we set up a ltd company , what do we necessarily do next ? There’s different info out there . I know we probably have to register for corporation tax as soon as possible within a 3 month time window . But after that , which comes first, signing up for a ltd company bank account or PAYE/payroll? Appreciate it❤
Hey it once your company is setup then you would need a company bank account and then you’re ready to trade! It can sometimes be easy to over complicate things but just start trading and things should fall into place 👌.. if you require more in depth help or mentoring then feel free to get in touch but until then I wish you the very best!
@@TheHolisticHustle thank you! So just to clarify , after setting up the company, I should go straight ahead with the bank account and then I do PAYE/payroll setup afterwards?
How do you increase buy limit in your wise.?
You should be able to increase both weekly and monthly limits by going to the settings 👍
Why’s it saying £50 now ?
Yes it seems like companies house have increased the cost this year 👍
dont bother wasting your time. you'll be eating Russian lead soon enough.
Thanks for the sharing. I would like to know if I want to change the registered office address later after company registration. Is that possible, and how much would it take ?
Hey yes that would be fine and it takes around a week to process I believe but double check that with companies house 👍
30/04/2024 I have registered my company thank you mate great video full of details and very clear 👍
Great stuff, that’s good to hear and good luck with the business!
Hi Mario, if i was to register for self assessment and then wanted to stay employed for a couple of months, is this possible? or as soon as i register for self assessment am i required to be working as a sole trader
Hey Tom, You can register for self assessment whilst you’re employed 👍
Hey, thank you for your super detailed video, i have a question for you. I want to open an ltd company as a non resident from Italy. As the trading address, do i put my home address in Italy or being a non-resident do i put the virtual office address instead?
Hey there, you would have to use your registered office address 👌
CAN YOU HELP ME IN EARNING
Hey mate, what kind of help do you need? As a heads up please comment in a new comment so I’m notified and pick it up 👍
I have got a couple of questions: if I incorporate my company but it's not active for various reasons, do I still have to file a tax return and pay taxes? When should I register with HMRC? When I incorporate my company by myself with Company house, when the website ask to myself WHEN WILL THE COMPANY START TRADING I have got 3 options can I click 3 options no plane for start... I could also click second options and choose a date, but if I Want change the date how can I Do? If my company is dormant for long time Company House can strike Off?
Yes you’ll still need to file if it’s been registered and not active but no if you haven’t traded or made a profit then you won’t need to pay taxes. Hope that helps, if you have many more questions then I’d advise you to get in touch for a coaching session 👍
Sorry to say this...but your example of 'Featherstone' would be objected, and would fail, regardless of your style/logo.
Hey there, what makes you say that?
Thank you!
My pleasure! Good luck and remember to subscribe as I have plenty more videos coming soon 🙌
Hello please would this process be applicable to an international company seeking to register in the UK, note that the directors would definitely have Nigerian phone numbers and all. I get the part of getting a virtual address so that covers the physical address issue. Slight issue would be with the phone number.
Hey there, I’m not 100% on the specifics about the required phone number but if it is an issue you should still be able to work around it. If you do not know anyone in the UK. You should be able to order a UK simcard to a PO address which can forward the simcard/uk number to your address in Nigeria. Hope that helps!
I’m in
Amazing 🙌