Limited company info

[rscotty]

Hi all , I need some advice on becoming a limited company , me and my partner are sole traders and are just starting a limited company, I sub work from another company , when I invoice the company they pay 20% tax off our money to our limited company , then my limited company pay myself and my partner our wage , do we have to pay another 20% on that wage ?? Iv been told you pay it , then claim it back at the end of year when I do the accounts is this correct ?? Thanks

[northernladuk]

Wow... You've so much to learn.

Read the newbie links on the right hand side, particularly the first timers one. Also use google to search for contractor remuneration methods. It might sound like a simple question but it's going to take a very long email to answer correctly and cover off other questions that will spawn from the explanation.

If you are running a LTD company you also want an accountant. They would have explained exactly how to set up and remunerate yourself. You shouldn't be doing any of this without one really.