The dividend versus bonus calculation is a tax planning favourite for owner-managed businesses (OMBs). For some years now, the dice have been loaded in favour of dividends; the general rule being that less tax is due overall where a dividend rather than a bonus is paid. However, recent changes to the taxation of dividends, including the cut in the tax-free dividend allowance for 2018/19 onwards, have muddied the waters. This article will consider if the general rule still holds true, and look at some of the other factors to consider when you next roll the dice.