P45 and Directorship

[moorfield]

Of course it all depends on what funds you have in the company.

There is a fair whack in there from (I claim, but nothing is ever certain) ex-IR35 sources which could sit out the doom in there for a while, so not keen to dick around with the company too much.

[moorfield]

Bunk is quite right about about this. You can issue yourself a P45 and remain a director.

Thanks Bunk and Steven - thought that might be the case.

The one issue you might have to look into is re your contract with the new employer. They might not be happy about you being an employee of theirs as well as a Director of another company.

We'll see what the smallprint says. Prospective employer knows they've got to work to attract me from contract to perm, as far as I'm concerned my company arrangement (except the salary) would be staying as is.

[Steven@Parasol]

Being an employee and being a director are separate things, so you can issue yourself a P45 but still remain director. Your salary will stop but you still own the shares and can receive dividends.

Bunk is quite right about about this. You can issue yourself a P45 and remain a director.

The one issue you might have to look into is re your contract with the new employer. They might not be happy about you being an employee of theirs as well as a Director of another company.

If they are bothered about this, you can resign as a Director of your Ltd Co. You could make your wife a Director if you want to keep the company open for her plan B (or revisit yourself in the future) and remain a shareholder yourself.

[Bunk]

Being an employee and being a director are separate things, so you can issue yourself a P45 but still remain director. Your salary will stop but you still own the shares and can receive dividends.

[CheeseSlice]

Ok, so I'm looking into the implications of going perm for a couple of years to sit out the doom and skill up a bit.

If I issue myself a P45 (which I'll probably need to do for the permie employer), am I just stopping my salary payments or am I also sacking myself as a director?

ie. can I keep an unpaid directorship of myltdco?

quick google reveals this page
Note sections about not already having a P45, and the one about having more than one job.

Sounds like you need a separate PAYE reference/code the new job, which your new employer can set up for you.

Don't take this as advice though, speak to your new employer, CAB, your accountant or failing that.. hector

[Robot]

No I would want to keep it open, at least until my next year end, there is a possibility the missus might use it for some of her plan B stuff.

Close it and set up another company for your wifes plan B stuff wouldn't cost much to do. Of course it all depends on what funds you have in the company.

Just a thought ...

[moorfield]

If you are going permie for a few years, do you need to keep the company open, why not close it? Speak to your accountant about the tax efficient ways of closing your company down.

No I would want to keep it open, at least until my next year end, there is a possibility the missus might use it for some of her plan B stuff.

[Robot]

Ok, so I'm looking into the implications of going perm for a couple of years to sit out the doom and skill up a bit.

If I issue myself a P45 (which I'll probably need to do for the permie employer), am I just stopping my salary payments or am I also sacking myself as a director?

ie. can I keep an unpaid directorship of myltdco?

What does it say on your new contract of employment, about being a director?

If you are going permie for a few years, do you need to keep the company open, why not close it? Speak to your accountant about the tax efficient ways of closing your company down.

[moorfield]

Ok, so I'm looking into the implications of going perm for a couple of years to sit out the doom and skill up a bit.

If I issue myself a P45 (which I'll probably need to do for the permie employer), am I just stopping my salary payments or am I also sacking myself as a director?

ie. can I keep an unpaid directorship of myltdco?