Hi
After 8 years with my Ltd company I'm now going via a brolly for the first time. I haven't chosen one yet and i'm trying to get and answer to the following question. My day rate will take me over 100k earnings for the year so how and when does the reduction in personal allowance kick in? I asked 3 different companies and had 3 different answers:
Company1. You'll have to sort it out yourself via self assessment.
Company2. HMRC should issue an updated coding notice after month 1 based on estimated earnings.
Company3. HMRC should issue an updated coding notice once your earnings reach 100k.
Totally confused now. I know there's things I could do like pay into a pension to keep me below 100k but I just want to know what the process is. I'd rather it was somehow done via PAYE rather then SA. But then I might be out of work in 6 months and not reach the limit so I'll have overpaid.
thanks
After 8 years with my Ltd company I'm now going via a brolly for the first time. I haven't chosen one yet and i'm trying to get and answer to the following question. My day rate will take me over 100k earnings for the year so how and when does the reduction in personal allowance kick in? I asked 3 different companies and had 3 different answers:
Company1. You'll have to sort it out yourself via self assessment.
Company2. HMRC should issue an updated coding notice after month 1 based on estimated earnings.
Company3. HMRC should issue an updated coding notice once your earnings reach 100k.
Totally confused now. I know there's things I could do like pay into a pension to keep me below 100k but I just want to know what the process is. I'd rather it was somehow done via PAYE rather then SA. But then I might be out of work in 6 months and not reach the limit so I'll have overpaid.
thanks
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