Hi All,
I'm new to this forum and this is my very first post/query.
My permanent role was made redundant a couple of months ago. I used to contract few years ago via my own Limited company which has been in dormant state for last 3 years. Last month (Sept) I started a contact for 3 months. I've installed FreeAgent as I understand a little bit of accounting, studied accountancy at university many years ago.
Here is my query -
I'd like to pay myself a salary of £1,000 from my company. I've set-up Payroll on FreeAgent including my previous Tax code and previous earnings as per P45.
When I run the payroll it is showing that I should be paid tax refund based on previous earnings and as per my FreeAgent payslip I should be paid more than £2k. I understand it is personal tax overpaid for the current financial year.
What can I change on FreeAgent software to avoid this? I don't want the PAYE refund to be processed from my company, I'd rather file tax return at the end of the year and claim the refund.
Am I missing something on the Payroll setting?
Could someone please help/advise?
Thanks.
Regards,
PV
I'm new to this forum and this is my very first post/query.
My permanent role was made redundant a couple of months ago. I used to contract few years ago via my own Limited company which has been in dormant state for last 3 years. Last month (Sept) I started a contact for 3 months. I've installed FreeAgent as I understand a little bit of accounting, studied accountancy at university many years ago.
Here is my query -
I'd like to pay myself a salary of £1,000 from my company. I've set-up Payroll on FreeAgent including my previous Tax code and previous earnings as per P45.
When I run the payroll it is showing that I should be paid tax refund based on previous earnings and as per my FreeAgent payslip I should be paid more than £2k. I understand it is personal tax overpaid for the current financial year.
What can I change on FreeAgent software to avoid this? I don't want the PAYE refund to be processed from my company, I'd rather file tax return at the end of the year and claim the refund.
Am I missing something on the Payroll setting?
Could someone please help/advise?
Thanks.
Regards,
PV
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