Please be patient I'm new to this and have not found the exact answer I'm after elsewhere on the forum.
I have just set up my own Ltd company I have set up PAYE, Flat rate VAT, Corp Tax and I'm using freeagent for my accounting.
The plan is, at the end of June when the first invoices have been paid to the company, to pay myself a small salary and dividends.
Others on the forum say they pay themselves approx £589 per month x 12 = £7068 to cover NI. But I'm only starting to pay myself at the end of June. So therefore can I divide £7068 by 10 months (is that the correct amount of months to the end of the financial year). So I pay myself £706.80 per month?
I have been unemployed from Feb 2011 until the end of May when I started the company.
Thanks
I have just set up my own Ltd company I have set up PAYE, Flat rate VAT, Corp Tax and I'm using freeagent for my accounting.
The plan is, at the end of June when the first invoices have been paid to the company, to pay myself a small salary and dividends.
Others on the forum say they pay themselves approx £589 per month x 12 = £7068 to cover NI. But I'm only starting to pay myself at the end of June. So therefore can I divide £7068 by 10 months (is that the correct amount of months to the end of the financial year). So I pay myself £706.80 per month?
I have been unemployed from Feb 2011 until the end of May when I started the company.
Thanks
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