+ Reply to Thread
Page 1 of 13 1 2 3 11 ... LastLast
Posts 1 to 10 of 122
  1. #1

    Nervous Newbie


    Join Date
    Sep 2015
    Posts
    3
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default Draw salary from my limited company when out of contract

    Hi,

    I have an Limited company (A) where I am the only Director, and from where I draw monthly salary. The company (A) gets biweekly income from another company (say Cisco) where I work as a contractor.

    The contract with that company is going to end this month end, and I am planning not to engage in contract for a month. My doubt is, Can I still draw salary from my limited company (A) for next month, while the unlimited company is not getting any income from any other source (Since I am not engaged in any contract)

    Thanks
    Last edited by anandan; 22nd September 2015 at 11:28. Reason: Cojak pointed out a mistake, Unlimited instead of limited

  2. #2

    Some things in Moderation

    cojak's Avatar
    Join Date
    Jul 2005
    Location
    Look to your right...
    Posts
    17,724
    Thanks (Given)
    443
    Thanks (Received)
    926
    Likes (Given)
    3930
    Likes (Received)
    2583

    Default

    Unlimited company?? What is that?

    You are either a Limited company, a sole trader or you are employed by an umbrella.

    What are you? How do you pay your taxes??

  3. #3

    Nervous Newbie


    Join Date
    Sep 2015
    Posts
    3
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    Limited (My mistake, corrected my query)

    Thanks

    Quote Originally Posted by cojak View Post
    Unlimited company?? What is that?

    You are either a Limited company, a sole trader or you are employed by an umbrella.

    What are you? How do you pay your taxes??

  4. #4

    Fingers like lightning

    gables's Avatar
    Join Date
    Jul 2006
    Posts
    532
    Thanks (Given)
    0
    Thanks (Received)
    17
    Likes (Given)
    197
    Likes (Received)
    96

    Default

    Quote Originally Posted by cojak View Post
    Unlimited company?? What is that?

    You are either a Limited company, a sole trader or you are employed by an umbrella.

    What are you? How do you pay your taxes??
    Not withstanding answers to the above... but if you're a limited company with sufficient funds then fill ya boots i.e. pay your salary as normal if you want.

  5. #5

    Some things in Moderation

    cojak's Avatar
    Join Date
    Jul 2005
    Location
    Look to your right...
    Posts
    17,724
    Thanks (Given)
    443
    Thanks (Received)
    926
    Likes (Given)
    3930
    Likes (Received)
    2583

    Default

    Quote Originally Posted by gables View Post
    Not withstanding answers to the above... but if you're a limited company with sufficient funds then fill ya boots i.e. pay your salary as normal if you want.
    It makes sense now!

    And What Gables Says - you are employed by your company so pay yourself a salary as usual (you need to make sure that you have enough to pay your taxes, so it's not a good idea to be on the bench for too long).

  6. #6

    Nervous Newbie


    Join Date
    Sep 2015
    Posts
    3
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    Thanks all.

    Is there a concept of paid annual leave in my case, i.e. me as Director as well as the sole employee. My doubt comes from a unrelated topic (ILR - Indefinite Leave to Remain). I need to show "Evidence of all work-related absences" when I file my ILR. In normal cases, i.e. working for a employer, you could get a leave authorization letter from your employer. I am not sure how it would be in the case of self-employed.

    Thanks again !

  7. #7

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    32,421
    Thanks (Given)
    131
    Thanks (Received)
    1231
    Likes (Given)
    1641
    Likes (Received)
    5596

    Default

    And it would be a good idea to engage an accountant if you don't fully understand how to pay yourself. It's pretty fundamental.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  8. #8

    Ddraig Goch


    Join Date
    Apr 2011
    Location
    Cymru
    Posts
    8,932
    Thanks (Given)
    88
    Thanks (Received)
    156
    Likes (Given)
    1068
    Likes (Received)
    498

    Default

    Can't claim JSA though if you continue to pay salary when out of contract {{hard.hat.on}}
    Rhyddid i lofnod psychocandy!!!!

  9. #9

    Super poster


    Join Date
    Mar 2015
    Posts
    2,049
    Thanks (Given)
    33
    Thanks (Received)
    89
    Likes (Given)
    649
    Likes (Received)
    713

    Default

    Quote Originally Posted by psychocandy View Post
    Can't claim JSA though if you continue to pay salary when out of contract {{hard.hat.on}}
    <boxing announcer voice>Leeeeetttttsss get ready to rumble!</boxing announcer voice>

  10. #10

    Should post faster

    AnotherGuy's Avatar
    Join Date
    Feb 2015
    Posts
    114
    Thanks (Given)
    4
    Thanks (Received)
    3
    Likes (Given)
    4
    Likes (Received)
    9

    Default

    My accountant stopped my payroll the moment I was more than 1 month out of contract. So not really sure if there is a legal requirement to do this.
    Also I couldn't claim expenses anymore other than travel to do interviews.

    It was not a leave, nothing planned, just out of contract looking for another one.

    I'm not sure if this is right.

+ Reply to Thread
Page 1 of 13 1 2 3 11 ... LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.