Originally posted by Jake1000
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Reply to: Salary Change
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Previously on "Salary Change"
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A P45 isn't necessary.
When I was in a similar situation, I had to wait until I had received my first pay from my employer. Then I called HMRC and asked to split my tax code across 2 employments. I set the one for myco to 0T which has the required effect.
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Originally posted by vwdan View PostIt wouldn't be a P45, would it? You'd need a new starter form, as you're effectively taking a second job.
Otherwise it's emergency tax till forever and only getting it back at SA time.
Of course an accountant would/should have already done this. Buy hey ho.
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Originally posted by Eirikur View PostStop paying yourself a salary and send yourself a P45, you know you need to give one to your new employer don't you, else you will be taxed on an emergency rate
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Stop paying yourself a salary and send yourself a P45, you know you need to give one to your new employer don't you, else you will be taxed on an emergency rate
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Originally posted by ladymuck View PostThat's not true. It's fine for a director to draw a salary without a contract of employment. Don't muddy the waters.
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Originally posted by oilboil View PostYou don't need to pay a salary, but if you do it will require a contract of employment (payments from a company without an employment contract are either drawings or dividends).
If you do pay a salary you need to make sure you pay yourself minimum wage for the hous you work for your company (in a salaried manner)
It is simple, but it is also really easy to get confused so you might be best served with an accountant helping here
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Originally posted by wattaj View Post^^ OG is correct though perhaps poorly expressed: there is no need to pay yourself a salary.
If you do pay a salary you need to make sure you pay yourself minimum wage for the hous you work for your company (in a salaried manner)
It is simple, but it is also really easy to get confused so you might be best served with an accountant helping here
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Plus fairly sure he could have been paying himself more without paying tax but my accountant deals with all that.
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Originally posted by northernladuk View PostNot very well it appears. What else have you done wrong that you don't know about and has cost you more than an accountant?
Not knowing you don't have to pay yourself is a very basic gaff.....
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Originally posted by Jake1000 View PostNo.. I don't have a accountant. I manage everything myself
Not knowing you don't have to pay yourself is a very basic gaff.....
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Originally posted by Jake1000 View PostI have always paid myself salary of £732. Now since I have a job I want to save tax and pay myself as low as possible. Do you mean I can stop paying myself even though I am employed by m y limited company?
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