Hi
I am currently in the process of trying to setup payrole however I am not sure how much I should be paying myself as I am already a bit over the 7k threshold from my previous full time employment that ended in June of this year when I setup.
I obviously wish to be as tax efficient as possible so wonder if it is possible to just not pay myself a salary for the rest of this tax year? Though I have been advised that it is best to pay a salary my understanding thus far is this is for corp tax (in increasing overall expenditures) and NI reasons.
Any advice and clearification is much appreciated on this.
Thanks,
P
I am currently in the process of trying to setup payrole however I am not sure how much I should be paying myself as I am already a bit over the 7k threshold from my previous full time employment that ended in June of this year when I setup.
I obviously wish to be as tax efficient as possible so wonder if it is possible to just not pay myself a salary for the rest of this tax year? Though I have been advised that it is best to pay a salary my understanding thus far is this is for corp tax (in increasing overall expenditures) and NI reasons.
Any advice and clearification is much appreciated on this.
Thanks,
P
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