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

[LITSM]

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.

[mudskipper]

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

[northernladuk]

Get yourself an accountant.

[Matt88]

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.

[malvolio]

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

[northernladuk]

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.