• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Salary Change

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #21
    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

    Comment


      #22
      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

      Comment


        #23
        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.

        Comment


          #24
          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.

          Comment

          Working...
          X