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We are going to analyze the information in the factfind to be able to establish their current financial position from which we can establish their future financial position-say at retirement. Chris has been working in self-employment for 10 years. His gross annual income is £160000 and is expected to be maintained at that amount in the foreseeable future. Chris is expected to retire at age 65. His partner- Kelsey is employed as an administrator with a gross annual income of £28000. One may confuse and assume that Chris should pay a tax rate of 40% considering his income is £ (160000-11000) = £1490000. However as mentioned earlier, income above £120000 has no personal allowance thus Chris lies in the additional rate band (45%). On the other hand, Kelsey has an income of £28000. Her personal allowance is 11000. This means that her taxable income after deducting the personal allowance is £ (28000-11000) = £17000. Dividend by definition is that portion of revenue distributed to shareholde...

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Young H
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