Pay Salary Yearly

[enteruk]

Hi All,

I have heard that it is possible to pay salary to yourself only once a year.

I am going to pay £7696 for 2013/14 tax year.

Not sure how to register for yearly payment with HMRC?

Could someone please advise?

Thanks,

[amcdonald]

This helps, just don't forget to register for RTI or get your account to do it

[northernladuk]

We had a really long thread on this quite recently. Let me see if I can find it.

It really should be your accountant answering this for you as it appears some will and some won't support it.

EDIT : Here you go.....

http://forums.contractoruk.com/accou...y-advance.html

[jamesbrown]

By "once a year", I assume you mean in advance, i.e. in April 2013 for the year 2013/14? The short answer is "no", not without it being a loan.

[enteruk]

By "once a year", I assume you mean in advance, i.e. in April 2013 for the year 2013/14? The short answer is "no", not without it being a loan.

No, I ment to pay for 2013/14 on March 2014 whole amount £7696 to avoid montly/quatery NULL reports to HMRC.

[ASB]

It's not necessarily a loan, though it's probably an accrual in the books.

Employment income: basis of assessment for general earnings: the time when earnings are received: payments on account of earnings: general: director's drawings
http://forums.contractoruk.com/accou...advance-6.html

[jamesbrown]

No, I ment to pay for 2013/14 on March 2014 whole amount £7696 to avoid montly/quatery NULL reports to HMRC.

Should be do-able on an annual PAYE scheme:

HM Revenue & Customs: When to report

Only slight hesitation is that I recall HMRC were suspending the registration for annual schemes.....

[Contreras]

Should be do-able on an annual PAYE scheme:

HM Revenue & Customs: When to report

Only slight hesitation is that I recall HMRC were suspending the registration for annual schemes.....

That was reversed more recently - http://forums.contractoruk.com/accou...eme-fixed.html

[jamesbrown]

That was reversed more recently - http://forums.contractoruk.com/accou...eme-fixed.html

Very useful info.

[enteruk]

Thansk everyone, that's useful!