Reduction in Salary

[Coalman]

Hi, I currently have all my accounts and payroll through my accountant but am looking to reduce costs by taking more of this on myself - i.e. payroll using HMRC CD-ROM (or similar) when it arrives.

I am also thinking of reducing my salary but am concerned about Hector's reaction to this. I am considering a substantial cut - down to about 25% of current salary which would taken below NMW but above £5000.

My questions are:
1. Is the salary reduction a good idea or is it likely to attract too much attention?
2. Does the HMRC CD-ROM cover all the payroll issuess (P60, etc.)?

[Fred Bloggs]

Only one way to find out for certain, I guess?

[BolshieBastard]

My advice is stick with the accountant doing the work for you.

OK it costs but you'll have your spare time as spare time. You also shouldnt have any mistakes because despite what everyone says, its never that easy doing it yourself.

To me, paying the xtra is worthwhile for saving my time and worry.

[SueEllen]

If you want to reduce costs then change accountants to one that will allow you to draw a salary of LEL. There are plenty out there who specialise with dealing with contractors and quite a few post on this board.

There are several threads that may interest you like this one http://forums.contractoruk.com/accou...ounting-2.html