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PAYEE and not taking a salary

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    PAYEE and not taking a salary

    Hi,

    I have a query since I was new to the business I have been committed to a payroll however not taking the full salary available that my accountant hs created. Do you know what the implications are?

    So my payroll has been created by my accountant and I haven't been taking the full salary.

    What does that mean for me?

    #2
    Most likely it means that your company owes you money.
    Down with racism. Long live miscegenation!

    Comment


      #3
      Originally posted by NotAllThere View Post
      Most likely it means that your company owes you money.
      Can I take the amount back? out of my business.

      As far as HMRC are aware the payment has been taken and I have been taking a salary but I haven't.

      Can I take the amount out?

      Comment


        #4
        Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.

        Comment


          #5
          Originally posted by ladymuck View Post
          Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.
          ...and the appropriate tax and NI (employer and employee) has or will been paid to HMRC.

          Comment


            #6
            Originally posted by ladymuck View Post
            Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.
            Yep, I had a similar situation where a revised monthly standing order for my salary got cocked up by my bank and three months later I realised it had not been paid. Accountant said it was not a problem to back date it.

            Comment


              #7
              Originally posted by Alison545 View Post
              Can I take the amount back? out of my business.

              As far as HMRC are aware the payment has been taken and I have been taking a salary but I haven't.

              Can I take the amount out?
              Why not speak to your accountant?
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #8
                Does your company have the funds to pay the full amount along with CT/VAT/etc that it will owe?

                You can’t pay yourself money that your company doesn’t have.
                …Maybe we ain’t that young anymore

                Comment


                  #9
                  Originally posted by WTFH View Post
                  Does your company have the funds to pay the full amount along with CT/VAT/etc that it will owe?

                  You can’t pay yourself money that your company doesn’t have.

                  I have the money, but the salary won't match the transactions, I paid like £200, £400 instead of £771.

                  Comment


                    #10
                    Originally posted by Alison545 View Post
                    I have the money, but the salary won't match the transactions, I paid like £200, £400 instead of £771.
                    Best speak to your accountant to find the best way to rectify and manage this going forward.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

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