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Salary Change

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    Salary Change

    Hi,

    Being a contractor I have been paying myself £732 for 2020-21. This month I have taken up a permanent job (as a second employment - nothing to do with my limited company). Is it possible to lower my limited company's salary from this month? If yes then how low can I go?

    #2
    Talk to your accountant.

    You do have one?
    "You’re just a bad memory who doesn’t know when to go away" JR

    Comment


      #3
      No need to pay a salary.

      Comment


        #4
        Originally posted by Old Greg View Post
        No need to pay a salary.
        I know I have to pay the salary but can I change it to a low amount? eg £1.00 ?

        Comment


          #5
          Originally posted by SueEllen View Post
          Talk to your accountant.

          You do have one?
          No.. I don't have a accountant. I manage everything myself

          Comment


            #6
            Originally posted by Jake1000 View Post
            I know I have to pay the salary but can I change it to a low amount? eg £1.00 ?
            Why do you know you need to pay yourself a salary? Who told you that?
            merely at clientco for the entertainment

            Comment


              #7
              Originally posted by eek View Post
              Why do you know you need to pay yourself a salary? Who told you that?
              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?

              Comment


                #8
                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?
                If you need to ask strangers online this type of question - you need an accountant...
                Last edited by eek; 17 September 2020, 18:29.
                merely at clientco for the entertainment

                Comment


                  #9
                  Minor point to add, while you get an accountant, also make sure you have the tax code correct for your permanent job.
                  …Maybe we ain’t that young anymore

                  Comment


                    #10
                    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?
                    If you are Director and sole shareholder or split 50/50 with spouse, you're not an employee. No need to pay salary. You really do need an accountant though.

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