Originally posted by northernladuk
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Reply to: Can I pay myself £500 per month salary
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Previously on "Can I pay myself £500 per month salary"
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Originally posted by contractor243 View PostThanks.
Are there any statistics or something to show most contractors don't have an employment contract with themselves? As I may need to prove this for another purpose. Thanks.
That said most contractors don't even understand they aren't employed by their ltd. If you did a poll the results would be useless due to that lack of understanding.
In 10 years I'm yet to see a contractor on here or in real life with a contact of employment.
Ask your accountant. They will know who has and hasn't as a guide.
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Originally posted by mudskipper View PostIf you have a contract of employment with yourCo, then you need to pay yourself at least minimum wage. If you don't (as most of us don't) then you don't have to.
Are there any statistics or something to show most contractors don't have an employment contract with themselves? As I may need to prove this for another purpose. Thanks.
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Originally posted by mudskipper View PostIf you have a contract of employment with yourCo, then you need to pay yourself at least minimum wage. If you don't (as most of us don't) then you don't have to.
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If you have a contract of employment with yourCo, then you need to pay yourself at least minimum wage. If you don't (as most of us don't) then you don't have to.
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Yes you can, there's no minimum wage for company directors or the self employed, and you should probably pay yourself an amount which aligns nicely with your tax code (so quite possibly £500 if you've been paying yourself £1000 for 5-6 months)
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Are you a director of a limited company?
Do you have the funds in your company account?
Do you have an accountant?
Without seeing how you've arrived at the figure of £1200 or £1000, it's not straightforward to see what you're doing. Personally I'd be looking at £680 a month salary and the rest as dividends.
There's more here:
http://forums.contractoruk.com/accou...2017-18-a.html
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Can I pay myself £500 per month salary
Greetings chaps,
I've been on the bench for a while now and had to reduce my monthly salary from £1000 to £500.
I'm starting a contract soon but would quite like to keep paying myself only £500/month rather than revert to £1200. Is this allowed? It would work out to an hourly rate below min wage. Does this matter? I'm not sure if it matters.
Regards, c243Tags: None
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