My first payday

[ittony]

but if you're noy paying yourself dividend, and you're only paying salary - which you state is not enough to make you eligible for Income Tax or NI - then your business a/c might be big but your cheque is not - unless I'm missing something ?

Yes, you're missing the fact that as I haven't had anything coming into my personal account for over six months, the little cheque feels pretty big to me.

[Bluebird]

Yes, you're missing the fact that as I haven't had anything coming into my personal account for over six months, the little cheque feels pretty big to me.

no I wasn't missing the point - perhaps our views of BIG differ !!!

seriously, the threashold is just over £5k from what I remember, we're halfway through the FY, so my guess is your cheque can't be much more than £2.5k ?

If it is, then perhaps we're missing something - if not then it sounds like you're ok to me......

....but then I'm not an accountant or an HMRC inspector.

[ittony]

no I wasn't missing the point - perhaps our views of BIG differ !!!

seriously, the threashold is just over £5k from what I remember, we're halfway through the FY, so my guess is your cheque can't be much more than £2.5k ?

If it is, then perhaps we're missing something - if not then it sounds like you're ok to me......

....but then I'm not an accountant or an HMRC inspector.

It's for £653, which after six months of zero, means a lot to me, and my bank manager.

[NotAllThere]

In over 10 years of contracting, I've never produced a payslip.

NotAllThere

[ittony]

In over 10 years of contracting, I've never produced a payslip.

Really? Cool. I'll buy into that. Is there any kind of documentary evidence of your payment other than an entry in the books and an item on the bank statement?

You're running your own payroll I assume?

[NotAllThere]

Just book entries and bank statements. ( No cheques either - bank to bank transfer ). The audit trail is clear. That's what matters. Of course, you do have to yearly issue a P60 for each employee.

NotAllThere