Under the new rules, PAYE and NIC have to be deducted by the paying entity - either umbrella company or agency.
It's my understanding that subsequent payments from my Personal Services Company (PSC) must be as PAYE, and not dividends.
So now we have the payment flow of client->agency (PAYE and NIC deducted)->PSC
It seems that I'm going to be taxed twice if I have to withdraw funds from the PSC only via PAYE.
What am I missing? Or aren't I missing anything?
It's my understanding that subsequent payments from my Personal Services Company (PSC) must be as PAYE, and not dividends.
So now we have the payment flow of client->agency (PAYE and NIC deducted)->PSC
It seems that I'm going to be taxed twice if I have to withdraw funds from the PSC only via PAYE.
What am I missing? Or aren't I missing anything?
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