New to contracting. Advice needed on PAYE

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ridgersf replied

21 October 2015, 11:57
Thanks for the advice. I will be paying pension contributions so will contact my accountant.
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NotAllThere replied

21 October 2015, 09:28
Off-topic posts removed. Do not make sockie accusations, even in fun, in the professional forums. If genuinely suspicious - report to moderator.
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Michael at BI Accountancy replied

21 October 2015, 08:43
Originally posted by LisaContractorUmbrella View Post

FTFY

what more do you want for free advice!

Originally posted by ridgersf View Post

How much should I pay myself via PAYE to avoid too much tax/NI until the next financial year. Minimum wage?? Or less??

Given the OP is questioning whether to pay minimum wage or less "to avoid tax/ni", I would assume it's safe to say he is operating outside of IR35 (although don't hold me to it!).
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LisaContractorUmbrella replied

21 October 2015, 07:15
Originally posted by Michael at BI Accountancy View Post

As you have earned over the personal allowance already, taking a salary in this tax year would not be the most tax efficient way of operating.

If you are not worried about having enough years pension contributions, then I would advise on just taking dividends up to 5th April 2016 Assuming that you have checked your IR35 status and are outside and therefore entitled to draw dividends.

FTFY
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Michael at BI Accountancy replied

20 October 2015, 15:06
Originally posted by ridgersf View Post

I have recently joined the contracting world and have set myself up as a limited company. I have already earned £15k this financial year with my previous employer. How much should I pay myself via PAYE to avoid too much tax/NI until the next financial year. Minimum wage?? Or less??

As you have earned over the personal allowance already, taking a salary in this tax year would not be the most tax efficient way of operating.

If you are not worried about having enough years pension contributions, then I would advise on just taking dividends up to 5th April 2016.
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MrMarkyMark replied

20 October 2015, 15:02
Sounds like something you should ask your accountant about.

Have you got one?
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ridgersf started a topic New to contracting. Advice needed on PAYE

20 October 2015, 13:57
New to contracting. Advice needed on PAYE

I have recently joined the contracting world and have set myself up as a limited company. I have already earned £15k this financial year with my previous employer. How much should I pay myself via PAYE to avoid too much tax/NI until the next financial year. Minimum wage?? Or less??
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