I've set up a limited company to contract through and expect to work no more than a single contract for the entire tax year, paying myself up to my tax free limit then dividends thereafter. I have a few questions:
1. Does it matter when i actually pay myself a salary and dividends? I'm thinking of paying myself a salary lump sum every quarter, and dividends perhaps every 6 months so that i'm not constantly generating payslips.
2. Is the accounting for this fairly simple arrangement straight forward enough to do myself, without having to hire an accountant or use software?
I started using wave, however it doesnt actually have payroll for UK customers and it's not actually that good, so just started recording income and expenses on an excel sheet - rudimentary, but at least i know that it will work!
1. Does it matter when i actually pay myself a salary and dividends? I'm thinking of paying myself a salary lump sum every quarter, and dividends perhaps every 6 months so that i'm not constantly generating payslips.
2. Is the accounting for this fairly simple arrangement straight forward enough to do myself, without having to hire an accountant or use software?
I started using wave, however it doesnt actually have payroll for UK customers and it's not actually that good, so just started recording income and expenses on an excel sheet - rudimentary, but at least i know that it will work!
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