PAYEE and not taking a salary

[NotAllThere]

I have the money, but the salary won't match the transactions, I paid like £200, £400 instead of £771.

In your books will be an account labelled "Alison545". When a salary payment is due, it will contain the amount due. As it is passed over to you, there will be a transaction recorded between bank and amount due. As it stands the account labelled "Alison545" has £200 credited to it.

For 2019, I declared a bonus - done in such a way that NI was payable 2020. But I didn't pay it, as I didn't know if my company could afford it. So the money stayed booked against my employee account. When I paid it, the balance on that account reduced to zero. If I hadn't paid it, it would have been recorded as a debt against the company. If I then closed the company, I lose the money.

TL;DR so long as you've paid the tax and NI against the amount that was intended to be paid, no one gives a toss.

[northernladuk]

I have the money, but the salary won't match the transactions, I paid like £200, £400 instead of £771.

Best speak to your accountant to find the best way to rectify and manage this going forward.

[Alison545]

Does your company have the funds to pay the full amount along with CT/VAT/etc that it will owe?

You can’t pay yourself money that your company doesn’t have.

I have the money, but the salary won't match the transactions, I paid like £200, £400 instead of £771.

[WTFH]

Does your company have the funds to pay the full amount along with CT/VAT/etc that it will owe?

You can’t pay yourself money that your company doesn’t have.

[northernladuk]

Can I take the amount back? out of my business.

As far as HMRC are aware the payment has been taken and I have been taking a salary but I haven't.

Can I take the amount out?

Why not speak to your accountant?

[edison]

Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.

Yep, I had a similar situation where a revised monthly standing order for my salary got cocked up by my bank and three months later I realised it had not been paid. Accountant said it was not a problem to back date it.

[Paralytic]

Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.

...and the appropriate tax and NI (employer and employee) has or will been paid to HMRC.

[ladymuck]

Yes. It'll be in the books as paid to you. As long as the total of the bank transactions in your favour matches the total of the salary awarded, you're fine to withdraw it.

[Alison545]

Most likely it means that your company owes you money.

Can I take the amount back? out of my business.

As far as HMRC are aware the payment has been taken and I have been taking a salary but I haven't.

Can I take the amount out?

[NotAllThere]

Most likely it means that your company owes you money.

[Alison545]

Hi,

I have a query since I was new to the business I have been committed to a payroll however not taking the full salary available that my accountant hs created. Do you know what the implications are?

So my payroll has been created by my accountant and I haven't been taking the full salary.

What does that mean for me?