Just opened my LTD, how to deal with paying myself?

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northernladuk replied

20 August 2018, 17:52
Originally posted by Matt88 View Post

I 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.

Awful advice... But thanks.
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malvolio replied

20 August 2018, 17:46
Originally posted by Matt88 View Post

I 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.

Exactly. It's a piece of pl!ss. Until you get it wrong and write off a few thousands...

Don't be a hero. Or a fool. Get an accountant
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Matt88 replied

20 August 2018, 17:39
Originally posted by LITSM View Post

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.

I 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.
Leave a comment:
northernladuk replied

2 August 2018, 22:25
Get yourself an accountant.
Leave a comment:
mudskipper replied

2 August 2018, 21:35
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
Leave a comment:
LITSM started a topic Just opened my LTD, how to deal with paying myself?

2 August 2018, 15:06
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.
Tags: nic, paye, salary, tax