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  1. #1

    Nervous Newbie


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    Default Didn't pay myself any salary in 2013/14 - am I too late now or is there some grace?

    Sorry, but searches didn't help.

    I started my company with my first shaky contract in May 13, long commute, low rate, but this has strengthened and ended the year in good form but very, very, busy.

    My leaving payment from last permanent position set me up so that I didn't need to pay myself anything for the last year, but now I realise that I should have done so, especially for the NI contributions continuation perspective.

    The question is whether I can pay myself a salary now in a lump sum for the 2013/14 year and pay the necessary NI contributions?

    The HMRC website is mostly about 2013/14 and I can't see whether this is possible.

    Thanks for your advice and please be gentle with a newbie.

  2. #2

    My post count is Majestic

    northernladuk's Avatar
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    Get an accountant and speak to them... Regularly.

    Did you get income from your perm position last year? If you did you probably hit the tax threshold so not worth paying yourself anything...

    But I am not an accountant so get yourself one.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  3. #3

    Nervous Newbie


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    Default No income received from last perm position (or anyone else) in 13/14 FY

    Quote Originally Posted by northernladuk View Post
    Get an accountant and speak to them... Regularly.

    Did you get income from your perm position last year? If you did you probably hit the tax threshold so not worth paying yourself anything...

    But I am not an accountant so get yourself one.
    ========================
    Agreed, I will get an accountant PDQ.

    No income from anyone in 2013/14.

    I have cheques waiting to be paid for salary and expenses, which are dated 4th April 2014. But the calculation for NI contributions was reliant on the online registration. I was sure that I had registered for PAYE when I also registered for CT and VAT, but on the Government Gateway site, it is not there. Have registered for PAYE tonight, but now think that it will take a few days before activation, thus the 19th April deadline for submitting an EPS is also at risk.

  4. #4

    Nervous Newbie


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    Default further details

    Quote Originally Posted by bonebaker View Post
    ========================
    .......But the calculation for NI contributions and PAYE was reliant on the online registration. I was sure that I had registered for PAYE when I also registered for CT and VAT, but on the Government Gateway site, it is not there. Have registered for PAYE tonight, but now think that it will take a few days before activation, thus the 19th April deadline for submitting an EPS is also at risk.
    And I have just contacted an accountant friend tonight if he could take on my company.

  5. #5

    My post count is Majestic

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    Quote Originally Posted by bonebaker View Post
    And I have just contacted an accountant friend tonight if he could take on my company.
    IMO don't mix friends and business. Call one of ones that post on here so you know you have someone competent and knows contracting inside out. InTouch, Nixon Williams, SJD etc....

    This thread is a good lesson to anyone about using accountants. You've been burned so time to do it properly.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  6. #6

    Super poster

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    Quote Originally Posted by bonebaker View Post
    ========================
    Have registered for PAYE tonight, but now think that it will take a few days before activation, thus the 19th April deadline for submitting an EPS is also at risk.
    I've found that those kinds of things can take up to a couple of weeks before you get the letter with the crappy peel-off bit of plastic containing the registration code.

  7. #7

    TPAFKAk2p2

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    Quote Originally Posted by bonebaker View Post
    And I have just contacted an accountant friend tonight if he could take on my company.
    Is your friend used to dealing with contractors? If not, as NLUK says, you'll be a lot better off with a contractor-savvy accountant.

  8. #8

    Still gathering requirements...

    Brian Potter's Avatar
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    Default

    Follow nluk's advice. Forget the 'PDQ' bollo, just do it. Bunch of strangers on a forum are no replacement for a decent contractor accountant.
    "it's people like Jim, Jim MacDonald, who keep me going,"

    tulip in your flowerbed

  9. #9

    Nervous Newbie


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    Default contractor-experienced accountant found, thanks.

    As title.

  10. #10

    Ddraig Goch


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    So gig started in May 2013 which left you 11 months before end of year in April 2014. Now you're worried that you've done it wrong....

    Maybe 10-11 months ago would have been best time to think about this? Just saying like....
    Rhyddid i lofnod psychocandy!!!!

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