I am working full-time a limited company, and all my earnings are currently taxed via PAYE. My salary and income-taxable bonuses are now over the 40% limit and I have another payment expected following the sell-off of my company.
I have two questions:
1) Since my earnings are now in the 40% bracket, should I be submitting a tax return each year? I have no income other than via PAYE earnings and what savings I have accrued are not earning much - I have an ISA, which has lost a fortune in the last two years and is now worth less than £1000, and various savings accounts, the combined interest from which is less than £200 per annum.
2) I have a 'share' in my company which is not a share in the stock market sense but a commitment to pay me a small percentage of my company's value if it is sold. The company is now being sold and I am led to believe I will be paid in the form of a 'loan note'. What does this mean in terms of CGT (or other taxes)? The amount concerned is tens of thousands of pounds before tax.
I am not a Director of my company.
Any advice people can give will be greatly appreciated.
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