Salary Change Salary Change - Page 3
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Thread: Salary Change

  1. #21

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    Quote Originally Posted by vwdan View Post
    It wouldn't be a P45, would it? You'd need a new starter form, as you're effectively taking a second job.
    If he doesn't fire himself from his ltd payroll you're right, but if he does he'll need a P45

  2. #22

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    Quote Originally Posted by vwdan View Post
    It wouldn't be a P45, would it? You'd need a new starter form, as you're effectively taking a second job.
    But what OP wants/needs a P45 to be tax efficient. If his LTD stops paying a salary it can issue a P45.
    Otherwise it's emergency tax till forever and only getting it back at SA time.

    Of course an accountant would/should have already done this. Buy hey ho.
    See You Next Tuesday

  3. #23

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    A P45 isn't necessary.
    When I was in a similar situation, I had to wait until I had received my first pay from my employer. Then I called HMRC and asked to split my tax code across 2 employments. I set the one for myco to 0T which has the required effect.

  4. #24

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    Quote Originally Posted by Jake1000 View Post
    I have always paid myself salary of £732. Now since I have a job I want to save tax and pay myself as low as possible. Do you mean I can stop paying myself even though I am employed by m y limited company?
    Yes, stop paying yourself a salary from you company, but still file your HMRC payroll as you did every month until now (I hope) but with a value of 0.

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