I also seem to recall, that directors do not have to pay NMW.
If i can ask then in that respect my previous WTC hopefully wouldnt be affected since the amount of time I worked was the same? Regarding IR35 I would be simply be commissioned via a client to produce them a singular project (a video or an event) for which i would invoice the company for time and expenses. (The turnaround on these projects would normally be under six months)
Sockpuppet - thats a relief to hear someone say that. See my income was (80% from the company and 20% direct from clients for the year of compliance check.) and was only paid through invoices (the actual sums, minus expenses were under the personal allowance even.)
Can i ask gentlemen what the consequences might be to my expenses (in my SA submission) if they want to argue that my SA should have included invoices to the company im a director in as wages?
You have to do a SA as a director of a company regardless of you being self employed.
BolshieBastard I do have an accountant whose helping to prepare the relevant information for the compliance etc (though I had done the SA myself - doh... thats a lesson learned, however even accountants seem to get a bit confused it seems in this area sometimes!)
Support Monkey
As a director of a limited company you are not self employed, you are an employee of the limited company
you could also be self employed doing someothing else but this would not effect your limited company status.
As a director of a limited company you are not self employed, you are an employee of the limited company
you could also be self employed doing someothing else but this would not effect your limited company status.
So that was my misunderstanding... that i can have the benefits (as i see it) as a self employed person, who simply puts monies in another form of classification in my SA (when concerning my company) so long as it does not limit or impinge in my business (ie. NMW etc) is well a relief.
I will discuss this with the compliance inspectors, I hope there are not significant fines or issues relating to this, the sums (for my reported incomes) were as i say generally low (turnovers approx 10 - 12k etc) Any advice on how i should talk to them about my status and how i operated before as to mitigate any ass kicking?
PS - Sockpuppet (i didn't hide any taxes so hopefully that bodes well for their er mercy)
I'll update you guys on my experience (as its soon) but any further advice i'd really appreciate.
(ok one more question)
PPS - If i can just confirm though - as a director and self employed person (submitting an SA) does that mean i don't have to be enrolled in PAYE as a director? Since id still be submitting an SA?
Thanks so much guys - really appreciate the feedback
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