Hi All
I am currently seeking some guidance as the best way to pay myself.
I currently have two income streams:
1) Self Employed Contractor - Paying class 2 national insurance contributions - and using up all of my personal allowance
2) I also have my own company - I own 76% of the company - and I'm wondering whether I can pay myself as a contractor - or as an employee. I am concerned that paying myself as an employee would lead to 45%+ marginal tax rate because of employer/employee NI contributions and income tax - is there a better way here, or something I am missing?
Replies (2)
Please login or register to join the discussion.
You're missing the training to become an accountant.
You have two options:-
(1) Train to become an accountant.
(2) Cough up for some paid advice.
Why are you taking 'remuneration' though income rather than the company which you own 76% of making a profit and paying you dividends?