Salary Change Salary Change - Page 2
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Thread: Salary Change

  1. #11

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    Quote Originally Posted by Jake1000 View Post
    No.. I don't have a accountant. I manage everything myself
    Not very well it appears. What else have you done wrong that you don't know about and has cost you more than an accountant?

    Not knowing you don't have to pay yourself is a very basic gaff.....
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  2. #12

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    Quote Originally Posted by northernladuk View Post
    Not very well it appears. What else have you done wrong that you don't know about and has cost you more than an accountant?

    Not knowing you don't have to pay yourself is a very basic gaff.....
    I was purposefully not directly given him that (correct) answer so that he was forced to get an accountant
    merely at clientco for the entertainment

  3. #13

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    Plus fairly sure he could have been paying himself more without paying tax but my accountant deals with all that.

  4. #14

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    Quote Originally Posted by Old Greg View Post
    No need to pay a salary.
    ^^ OG is correct though perhaps poorly expressed: there is no need to pay yourself a salary.
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  5. #15

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    Quote Originally Posted by wattaj View Post
    ^^ OG is correct though perhaps poorly expressed: there is no need to pay yourself a salary.
    You don't need to pay a salary, but if you do it will require a contract of employment (payments from a company without an employment contract are either drawings or dividends).

    If you do pay a salary you need to make sure you pay yourself minimum wage for the hous you work for your company (in a salaried manner)

    It is simple, but it is also really easy to get confused so you might be best served with an accountant helping here

  6. #16

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    Quote Originally Posted by oilboil View Post
    You don't need to pay a salary, but if you do it will require a contract of employment (payments from a company without an employment contract are either drawings or dividends).

    If you do pay a salary you need to make sure you pay yourself minimum wage for the hous you work for your company (in a salaried manner)

    It is simple, but it is also really easy to get confused so you might be best served with an accountant helping here
    That's not true. It's fine for a director to draw a salary without a contract of employment. Don't muddy the waters.

  7. #17

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    Quote Originally Posted by ladymuck View Post
    That's not true. It's fine for a director to draw a salary without a contract of employment. Don't muddy the waters.
    Equally it's fine for a director to not draw a salary regardless of whether he has or doesn't have a contract of employment.
    merely at clientco for the entertainment

  8. #18

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    Quote Originally Posted by Jake1000 View Post
    No.. I don't have a accountant. I manage everything myself
    HMRC are going to love you.

    And probably sooner than you think.
    nomadd liked this post

  9. #19

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    Stop paying yourself a salary and send yourself a P45, you know you need to give one to your new employer don't you, else you will be taxed on an emergency rate

  10. #20

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    Quote Originally Posted by Eirikur View Post
    Stop paying yourself a salary and send yourself a P45, you know you need to give one to your new employer don't you, else you will be taxed on an emergency rate
    It wouldn't be a P45, would it? You'd need a new starter form, as you're effectively taking a second job.

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