How much salary shall I be taking?

[Olly]

Thank you all, so would your recommendation be 7k or 12k?

Neither!
We/they/I said take up to your personal tax free allowance.
7K is just plucked from thin air as far as I can see.
12K is minimum wage but NOBODY has ever posted to say they've been picked up on it nor can your accountant give you an example (I expect) nor does it SEEM like it's the law either.

Probably what we should really be doing is paying a salary that's market rate, so what you'd get for performing that role as a permy, 35Kish.

Actually I recommend you pay yourself that

[kellycell]

hello, what is the personal tax free allowance?

[Olly]

hello, what is the personal tax free allowance?

Yours is 35K

[moorfield]

hello, what is the personal tax free allowance?

Ok, ok, which one of you is it? Own up....

[Clare@InTouch]

hello, what is the personal tax free allowance?

It's the amount you can earn before you pay tax. For most people it's standard £6,475, but it can be effected by benefits in kind, underpayments of tax from prior years etc

http://www.hmrc.gov.uk/rates/it.htm

However NI kicks in slightly sooner.

What wage you take is up to you, your accountant is simply offering you advice. Whether you listen to that advice or not is up to you.

.