Hi All,
I have attempted to search previous threads & Google but cannot find examples or answers. Ultimately, I do know this is one for my accountant, but just trying to find a more informed understanding if any one has been through a similar situation or to confirm whether I am just being really thick!
I am moving from a perm role to an outside contract in the upcoming month, everything is in place and just awaiting the contract to sign. My question is surrounding personal allowance which stands at £12,570, which obviously ties in with the lower salary you would pay yourself....how have you approached paying yourself for the remainder of the tax year if you have eaten up your personal allowance via a perm role and then switched to a contract mid way through a tax year?
I feel like I will get torn to shreds for this question (and probably rightly so) but I am really after examples of similar positions you guys have been in and how it impacted your pay for the remainder of the tax year.....
I have attempted to search previous threads & Google but cannot find examples or answers. Ultimately, I do know this is one for my accountant, but just trying to find a more informed understanding if any one has been through a similar situation or to confirm whether I am just being really thick!
I am moving from a perm role to an outside contract in the upcoming month, everything is in place and just awaiting the contract to sign. My question is surrounding personal allowance which stands at £12,570, which obviously ties in with the lower salary you would pay yourself....how have you approached paying yourself for the remainder of the tax year if you have eaten up your personal allowance via a perm role and then switched to a contract mid way through a tax year?
I feel like I will get torn to shreds for this question (and probably rightly so) but I am really after examples of similar positions you guys have been in and how it impacted your pay for the remainder of the tax year.....
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