Contracted for 1 month only!

[malvolio]

You need an accountant...but my thoughts are that CT will apply so 19% will be due to HMRC. You could divi out the rest and pay tax on the balance after the tax free allowance. That empties the company bank account and avoids payroll issues.

[hugebrain]

Thanks for reading.


Can any of you fine folks lend a hand and point me in the right direction with it?

Cheers

Windy

At the moment there is no tax to pay because it is such a piffling amount of money. Depending on what you do for the rest of the year you should pay it out as salary, dividends, pop it into a SIPP or spend it on business things (or a combination of all these things).

[LondonManc]

You need an accountant...but my thoughts are that CT will apply so 19% will be due to HMRC. You could divi out the rest and pay tax on the balance after the tax free allowance. That empties the company bank account and avoids payroll issues.

Saves permie/umbrella payroll issues going forward too. Good shout.