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Advise about my first P60!!!

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    Advise about my first P60!!!

    All,


    Before I raise my query please note this is my first post, so forgive me of any mistake/omission etc. Any comment/advise is more than welcome.

    Situation:
    I was always working as permanent and I decided for first time to try as contractor. In Feb I set up my first LTD and I started working in Mar. In the next couple of days I am planning to register my LTD as an employer, so that I can start paying a salary to myself (Director).

    Question:
    Since my first salary will be around end of Apr, how am I supposed to issue a P60? I have no salary from my first day (beginning of Mar) to 5th of Apr, what info should I show to P60? Is there any problem with the fact I haven't paid a salary for March?

    Please let me know If you want me to provide more information/details.

    Many thanks

    #2
    Get an Accountant - quick.....

    Comment


      #3
      Please provide us with more details.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        P45/P60

        You would have received a P45 when your left your previous employment. When you set the payroll up for March 16 you will need to key in the P45 figures for gross pay & tax deducted before processing nil pay for March 16.

        You should them be able to produce the P60 showing nil pay for this employment and the figures for the previous employment.

        Comment


          #5
          If you're not going to pay yourself a salary for this tax year why not save yourself the faff and register as an employer at the start of the new tax year instead?

          Comment


            #6
            Originally posted by TheCyclingProgrammer View Post
            If you're not going to pay yourself a salary for this tax year why not save yourself the faff and register as an employer at the start of the new tax year instead?
            Makes sense to me.

            Comment


              #7
              Tax refund

              If you are going to pay yourself nil for march 16 and are on a cumulative tax code you will get a tax refund through the payroll system-will save the hassle of completing a Tax Return to get this back from HMRC Alternatively wait about 2 years for HMRC to pick it up and repay it.

              Comment


                #8
                Advice....
                Blood in your poo

                Comment


                  #9
                  Originally posted by stek View Post
                  Get an Accountant - quick.....
                  +100
                  The greatest trick the devil ever pulled was convincing the world that he didn't exist

                  Comment

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