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Yes.
Simple answers is yes. However you may want to be paid a wage at the limit of your personal income tax allowance, or the NI threshold, to take full advantage. This could all be a simple accounting transaction with the money owed just showing as a loan from the director in the accounts - no need for pound notes. This may lead to your company making a loss but such losses are allowable against future profits.
Yes - no problem. Some care needed to ensure that it's a good idea but the principle is sound enough.
PAYE scheme
Why not set up PAYE with HMRC now, pay yourself the salary (by making the appropriate accounting entries - no money need change hands) & submit RTI information now (i.e. before 5 April 2015).
Then if it is queried by HMRC you can prove the salary decision was taken & put into effect in 2014/15 (& not dreamed up afterwards).
The only issue then would be whether the salary figure was justified by the work you did - which, as you are sole director, should not be a problem.
RM
Makes sense
Why not set up PAYE with HMRC now, pay yourself the salary (by making the appropriate accounting entries - no money need change hands) & submit RTI information now (i.e. before 5 April 2015).
Then if it is queried by HMRC you can prove the salary decision was taken & put into effect in 2014/15 (& not dreamed up afterwards).
The only issue then would be whether the salary figure was justified by the work you did - which, as you are sole director, should not be a problem.
RM
If you're going to set up a scheme anyway, this makes sense. Irrefutable provenance.
Invest in yourself
Thanks a lot everybody for your advice.
Accounting and taxation are complex areas and consequences can be severe sometimes even for minor mistakes and especially when ignorance is no excuse.You should seriously consider seeking professional advice from some local accountant,if you want to grow and dont want to end up paying huge tax bills.