Originally posted by Matt88
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Previously on "Just opened my LTD, how to deal with paying myself?"
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Originally posted by Matt88 View PostI don't think it's that complicated. No way I'd hire an accountant. Just google it all.
A lot of contractors seem to think what they do is the equivalent of painting the Sistine Chapel. But it's really not.
Don't be a hero. Or a fool. Get an accountant
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Originally posted by LITSM View PostI've finally taken the plunge and opened up own company. When it comes to paying myself I've read that it is best to pay yourself £8,164.00 per year so that you don't need to pay NIC but still get awarded the credits towards your state pension. However if I am to pay myself (it is only me working for the company currently) do I need to inform HMRC or anybody else? Or is it possible to simple take a monthly payment and show it in my accounting as "wages"?
I already have a NI number and I was wondering how I should inform HMRC that my actual NI number is being paid.
A lot of contractors seem to think what they do is the equivalent of painting the Sistine Chapel. But it's really not.
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If you're starting out, and you don't understand the basics, then you really do need an accountant. The majority of contractors have one.
If you're determined to DIY (and I don't even after 10 years) then google HMRC PAYE Tools
Something like freeagent or quickbooks will go a long way to doing it for you, but you'll need to do a lot of reading to get the understanding behind it all.
Get yourself an accountant
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Just opened my LTD, how to deal with paying myself?
I've finally taken the plunge and opened up own company. When it comes to paying myself I've read that it is best to pay yourself £8,164.00 per year so that you don't need to pay NIC but still get awarded the credits towards your state pension. However if I am to pay myself (it is only me working for the company currently) do I need to inform HMRC or anybody else? Or is it possible to simple take a monthly payment and show it in my accounting as "wages"?
I already have a NI number and I was wondering how I should inform HMRC that my actual NI number is being paid.
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