Personal tax
Know your tax bill before you take the money
Mighty shows the most your company can pay you right now, forecasts your personal tax across everything you earn, and lets you test a dividend before you declare it. No January surprises, and an accountant to plan it with.
- A full personal tax forecast, included in your plan
- A live figure for the most your company can declare
- Test a dividend before you take it
01How it works
Paying yourself, with the tax worked out as you go
- 1
Start with a sensible salary.
Your accountant recommends a tax-efficient salary and Mighty's payroll runs and files it, so the foundation is right.
- 2
See what you can take.
Two live numbers, always on: the most your company can legally declare in dividends right now, and how much more you can take before your personal tax rate steps up.
- 3
Test it, then declare.
Type a planned dividend into the forecast and watch your tax bill update, or take the headroom in one click. When you do declare, the voucher and board minutes are generated instantly.
- 4
Year end, mostly done.
Your Self Assessment starts from figures Mighty already holds and has been forecasting all year. Your accountant prepares the return, and you approve it before it's filed.
02What's included
Your tax, not just the company's
A real tax forecast, not a guess
The full calculation, per person, per tax year: personal allowance, dividend bands, student and postgraduate loans, the High Income Child Benefit Charge, and payments on account with their due dates.
All your income, not just the company
Add another employment, rental income, untaxed interest, sole-trader profits, personal pension contributions, Gift Aid or outside dividends, and the forecast carries them all year, not just at the January deadline.
What-if, before you commit
Plan a further dividend and see the bill change before you declare a penny; one click takes you to the band edge.
The most you can take, live
Your company's distributable reserves alongside your personal band headroom, with a plain-English line telling you how much more you can take before the rate steps up.
Allowance tracking and tax tips
Trivial benefits, annual events and pension contributions tracked against their limits per person, with saving prompts based on your actual activity.
Self Assessment, prepared for you
Your return built from figures Mighty has been forecasting all year, prepared by your accountant, approved by you before filing.
03Your accountant
Software for the sums, an accountant for the strategy
The numbers update themselves; the judgement calls are human. Whether to take that extra dividend in March or April, whether a pension contribution beats a bonus, what changes when your partner joins the payroll: that's a conversation with your dedicated accountant, who can see the same live figures you can. Book a call straight from their calendar whenever a decision needs talking through.
James Foster
Co-Founder · Accounting and product
Hi Chloe,
You still have £3,000 remaining within your basic rate band as per Mighty's personal tax calculation, which will be taxed at 10.75% and will need to be taken before the end of this tax year (5th April 2027). Feel free to book in some time on my calendar to discuss any other points such as pension contributions or the upcoming tax year.
Many thanks,
James
04Self Assessment
Self Assessment without the January panic
When the tax year ends, your return doesn't start from a blank form. Salary, dividends, outside income and adjustments are already in Mighty because the forecast has carried them all year; a short questionnaire catches anything left. Your accountant prepares the return, you approve it, and it's filed. If your husband, wife or civil partner needs one too, there's a reduced rate for doing the pair.
Included in your plan
The personal tax estimate, dividend paperwork and allowance tracking come with every Mighty plan. Self Assessment returns are the one extra: £125 + VAT per return, or £200 + VAT for a couple's pair of returns.
per month
What salary should I pay myself as a director?
Your accountant recommends a tax-efficient salary when you join and reviews it as rates change; most directors take a low salary topped up with dividends.
How does Mighty know what dividends I can take?
It shows two things from your live accounts: the most your company can legally declare in dividends right now, and how much more you personally can take before your tax rate steps up. Between them, that's the honest answer to "can I take it, and what will it cost me?"
Do I get dividend vouchers and board minutes?
Yes, generated automatically the moment you declare, and stored against the dividend.
Does the forecast include income from outside my company?
Yes. Add another employment, rental income, untaxed interest, sole-trader profits, personal pension contributions, Gift Aid or dividends from elsewhere, and it's all in the calculation, along with student loan repayments and the High Income Child Benefit Charge where they apply.
Is Self Assessment included in the monthly fee?
It's the one extra: £125 + VAT per return, or £200 + VAT for a couple filing together.
What are trivial benefits?
Small perks, up to £50 a time and £300 a year for a close-company director, that are tax-free when the rules are followed. Mighty tracks you against the limits.
Can Mighty track pension contributions?
Yes, company pension contributions are tracked per person, and they're one of the most effective planning tools; your accountant can model when they beat taking the cash.
When do I actually pay my personal tax?
Mighty shows you: the balancing payment due the 31 January after the tax year ends, and any payments on account, with the amounts and dates. Because the forecast runs all year, none of it arrives as a surprise.
What if I've already taken dividends this year, before joining Mighty?
Tell your accountant and they'll make sure your personal tax picture includes them.
Can I talk the numbers through with someone?
Always. Your dedicated accountant shares their calendar, so book a video call whenever a decision needs a human; it's included in your plan.
Get in touch
Talk your pay through with an accountant
Book a free call and we'll look at the salary and dividend mix for your situation, and show you how the estimate tracks it through the year.
"We'll be happy to discuss your business, answer any questions you have and discuss whether Mighty is a good fit for you."
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