Hi Folks.
New to this Forum and after some advice.
I have recently formed a Ltd Company because I believe I have been ripped off by my Payroll company since they changed me to PAYE. Was fine under CIS.
Anyway, done some reading and notice that most people pay themselves from there LTD company just below the Personal allowance and then the rest in Dividends.
I have been paid into my Business account for 3 weeks now. I have not had to pay myself yet as my payroll company owed me Holiday pay that I had accrued.
The query is. I have several allowable mileage expenses each week.
If I pay myself below the Personal allowance, If I do a tax return at the end of the year I wont be able to claim this allowance back as I have not paid any Tax to claim back.
Do I therefore need to pay myself the personal allowance (I'll be paying myself Monthly) + what my mileage would amount to over that Month. I would therefore pay tax on this amount and then claim it back on my tax return at the end of the year.
Any Help appreciated
New to this Forum and after some advice.
I have recently formed a Ltd Company because I believe I have been ripped off by my Payroll company since they changed me to PAYE. Was fine under CIS.
Anyway, done some reading and notice that most people pay themselves from there LTD company just below the Personal allowance and then the rest in Dividends.
I have been paid into my Business account for 3 weeks now. I have not had to pay myself yet as my payroll company owed me Holiday pay that I had accrued.
The query is. I have several allowable mileage expenses each week.
If I pay myself below the Personal allowance, If I do a tax return at the end of the year I wont be able to claim this allowance back as I have not paid any Tax to claim back.
Do I therefore need to pay myself the personal allowance (I'll be paying myself Monthly) + what my mileage would amount to over that Month. I would therefore pay tax on this amount and then claim it back on my tax return at the end of the year.
Any Help appreciated
Comment