Hi all,
I am new to contracting so I'll gladly appreciate some help please. I'll like to find out how important is the running of monthly payroll in regards to limited company contractor. I have just procured the services of a local accountant in my area and asked him if he will be doing monthly payroll as I have heard couple of friends mentioned that to me and he replied that everything( documentations) will be perfected at the end of final year during self assessment and account filing.
Can I please ask if this appropriate ?
Secondly I'll like to ask the implication of taking money ( transfer money from business account to ones personal account) every month i.e average of £7k ? would this attract taxman attention or has tax implications. My accountant said its OK but I will like a second opinion.
Thanks
I am new to contracting so I'll gladly appreciate some help please. I'll like to find out how important is the running of monthly payroll in regards to limited company contractor. I have just procured the services of a local accountant in my area and asked him if he will be doing monthly payroll as I have heard couple of friends mentioned that to me and he replied that everything( documentations) will be perfected at the end of final year during self assessment and account filing.
Can I please ask if this appropriate ?
Secondly I'll like to ask the implication of taking money ( transfer money from business account to ones personal account) every month i.e average of £7k ? would this attract taxman attention or has tax implications. My accountant said its OK but I will like a second opinion.
Thanks
Comment