Salary Change Salary Change
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Thread: Salary Change

  1. #1

    Nervous Newbie


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    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. #2

    My post count is Majestic

    SueEllen's Avatar
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    Talk to your accountant.

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

  3. #3

    I live on CUK

    Old Greg's Avatar
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    No need to pay a salary.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

  4. #4

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    Quote 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 ?

  5. #5

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    Quote 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

  6. #6

    bored now

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    Quote 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

  7. #7

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    Quote 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?

  8. #8

    bored now

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

  9. #9

    Prof Cunning @ Oxford Uni

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    Minor point to add, while you get an accountant, also make sure you have the tax code correct for your permanent job.
    I'm perfect, in a very specific and limited way.
    Hands... out infractions
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  10. #10

    I live on CUK

    Old Greg's Avatar
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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?
    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.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

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