Reply to: Salary paid to yourself.....

[northernladuk]

But if you are with Sanzar then you arn't operating through a Ltd anyway, so you arn't paying yourself a salary are you?

http://forums.contractoruk.com/accou...ml#post1362871

Top quality spot! Impressive. There is an example of why not to trust advice on public boards if I ever saw one.

[DaveB]

I pay £8500 which is just over the minimum wage for 35 hours per week and pay my tax and NHI based on this. Good accountants are hard to come by, I think your Accountant is fine, just up to go ease your worries. If you dont trust your accountant then leave as its vital you have a good relationship otherwise you will always be worrying in the background! Good luck!!

But if you are with Sanzar then you arn't operating through a Ltd anyway, so you arn't paying yourself a salary are you?

http://forums.contractoruk.com/accou...ml#post1362871

[northernladuk]

Not to keep it from her but money tends to burn a hole in her pocket.... :-(

Is this the same Mrs that you are asking advice on how to give her half your money and be very careful none of it comes your way?

[jmo21]

Now thats an idea. Tell me Mrs the contract rate is so crap all the money we've got is 7K a year and we gotta live on that. Then quietly build up a nice warchest she doesnt know about! Not to keep it from her but money tends to burn a hole in her pocket.... :-(

Not sure how you get that from what I posted.

[psychocandy]

Paying yourself low salary, maximising expenses and paying yourself in dividends is THE reason to go limited.

If you didn't know about dividends, like your question about "how do I live off £7k" indicates, why did you want to start a Ltd company?

Now thats an idea. Tell me Mrs the contract rate is so crap all the money we've got is 7K a year and we gotta live on that. Then quietly build up a nice warchest she doesnt know about! Not to keep it from her but money tends to burn a hole in her pocket.... :-(

[psychocandy]

Generally yes but this is staggering. From a first time poster or first contract person I could understand but

Just to show that I am a warm lovelable charismatic person though here are links to the newbies guides that are two inches to the right that explain ALL this in a good level of detail..

Contractor guide. Read down to the bit about contractor money where there are three articles on this exact topic

Limited Companies - Contractor Ltd Co Guides :: Contractor UK

Thats pretty good for you NLUK. Careful now people might think you;re nice !!!

[psychocandy]

How on earth can you even begin to be confident about starting your own limited when you do don't know the absolute bottom line, most basic of things about the most important aspect of your work?? You have been here long enough to see the posts, be aware of the newbies guides and so on. I really am speechless.

Re-read the newbies advice and all the stuff on the right about setting up LTD's and then search for Psychocandy and read every one of his posts. If you can't be bothered to research it you will find an answer there.

NLUK,

You normally have a go at me but I'm not that bad anymore !!!!

[PinkPoshRat]

This is way off specialist. This is so basic it isn't true. You want to be an LTD but don't know how to pay yourself? Really? It is very easy to find the answers to questions like this. There are guides on the right.

Just on a serious note though you posted your rate on another thread. If that is your normal rate it probably isn't worth going LTD. I can't remember if you said it was just a fill in one just to work for a couple of weeks. I won't mention numbers because peoples rates are not for public discussion but I would check that.

Have you calmed down yet?

[jmo21]

Oi stop being so pmt for a moment. Just because I have been on this forum for a while does not make me a limited company specialist you know! It's not been easy finding answers to my questions from looking at old posts and scratting my way through them on the off chance.

Why do you bother reading this topic if you already know all the answers and snap at anyone who dares to ask a question?

Paying yourself low salary, maximising expenses and paying yourself in dividends is THE reason to go limited.

If you didn't know about dividends, like your question about "how do I live off £7k" indicates, why did you want to start a Ltd company?

[northernladuk]

Oi stop being so pmt for a moment. Just because I have been on this forum for a while does not make me a limited company specialist you know! It's not been easy finding answers to my questions from looking at old posts and scratting my way through them on the off chance.

Why do you bother reading this topic if you already know all the answers and snap at anyone who dares to ask a question?

This is way off specialist. This is so basic it isn't true. You want to be an LTD but don't know how to pay yourself? Really? It is very easy to find the answers to questions like this. There are guides on the right.

Just on a serious note though you posted your rate on another thread. If that is your normal rate it probably isn't worth going LTD. I can't remember if you said it was just a fill in one just to work for a couple of weeks. I won't mention numbers because peoples rates are not for public discussion but I would check that.

[PinkPoshRat]

Jesus. Go read the newbies guides on the absolute basics of your job and/or get an accountant. Seriously. I am embarrassed for you.

Personally I would push you back towards a permie role, it is going to get a lot more complicated than this.

Oi stop being so pmt for a moment. Just because I have been on this forum for a while does not make me a limited company specialist you know! It's not been easy finding answers to my questions from looking at old posts and scratting my way through them on the off chance.

Why do you bother reading this topic if you already know all the answers and snap at anyone who dares to ask a question?

[northernladuk]

Love bashing people over the head don't you

Generally yes but this is staggering. From a first time poster or first contract person I could understand but

Just to show that I am a warm lovelable charismatic person though here are links to the newbies guides that are two inches to the right that explain ALL this in a good level of detail..

Contractor guide. Read down to the bit about contractor money where there are three articles on this exact topic

Limited Companies - Contractor Ltd Co Guides :: Contractor UK

[Jog On]

How on earth can you even begin to be confident about starting your own limited when you do don't know the absolute bottom line, most basic of things about the most important aspect of your work?? You have been here long enough to see the posts, be aware of the newbies guides and so on. I really am speechless.

Re-read the newbies advice and all the stuff on the right about setting up LTD's and then search for Psychocandy and read every one of his posts. If you can't be bothered to research it you will find an answer there.

Jesus. Go read the newbies guides on the absolute basics of your job and/or get an accountant. Seriously. I am embarrassed for you.

Personally I would push you back towards a permie role, it is going to get a lot more complicated than this.

Love bashing people over the head don't you

[Jog On]

Ok, so I also pay myself a dividend. Now have 2 questions;

Can this be done on an ad hoc basis?
Do I have to fill out forms to justify the dividend payment?

I'm starting to warm to the idea of going ltd...just need accountant and that leap of faith type push from someone

It's a good idea to try and take the divis quarterly but there's no actual rule/law saying you have to. What I do is take monthly director's loans then cancel them out with divis.

You need to do dividend slips but your accountant should be able to help you with that.

Running a LTD involves quite a bit of paperwork and deadlines but the amount you do vs what your accountant does will depend on how much you pay them.

[northernladuk]

Ok, so I also pay myself a dividend. Now have 2 questions;

Can this be done on an ad hoc basis?
Do I have to fill out forms to justify the dividend payment?

I'm starting to warm to the idea of going ltd...just need accountant and that leap of faith type push from someone

Jesus. Go read the newbies guides on the absolute basics of your job and/or get an accountant. Seriously. I am embarrassed for you.

Personally I would push you back towards a permie role, it is going to get a lot more complicated than this.