Salary Question - Contractor UK Bulletin Board

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DaveB replied

21 February 2013, 13:23
Originally posted by Nixon Williams View Post

Assuming that the NIC is calculated on a director's basis, ie cumulative, then you pay a 'bonus' and the tax and NIC should be nil, assuming that you are on a regular tax code!

Thanks, thats what I thought. Coding issues to be resolved!
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Nixon Williams replied

21 February 2013, 13:21
Originally posted by DaveB View Post

OK, due to an administrative oversite/cockup (I know, get an accountant, are you cut out to be a contractor yada yada yada) I forgot to give myself a payrise this year to allow for the change in NI thresholds. (£7068 11-/12 to £7488 12/13)

Can I pay myself a bonus at year end to make up the differance and take me up to the 12-13 threshold or is it too late to do anything about it?

Assuming that the NIC is calculated on a director's basis, ie cumulative, then you pay a 'bonus' and the tax and NIC should be nil, assuming that you are on a regular tax code!
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DaveB started a topic Salary Question

21 February 2013, 13:15
Salary Question

OK, due to an administrative oversite/cockup (I know, get an accountant, are you cut out to be a contractor yada yada yada) I forgot to give myself a payrise this year to allow for the change in NI thresholds. (£7068 11-/12 to £7488 12/13)

Can I pay myself a bonus at year end to make up the differance and take me up to the 12-13 threshold or is it too late to do anything about it?
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