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Director salary through PAYE

Not registered for PAYE

Hello,

I have started a limited company last April but not registered for PAYE .

I am the director & the only person in my company.

I would like to know if it is too late to register and pay myself a monthly salary £702 a month.

Or will it be better to pay myself an annual salary end of March ?

 

Kind regards 

E

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23rd Jan 2019 08:37

Elisabeth89 wrote:

...... I would like to take advantage of the tax credit of the £8,424 yearly salary  before my year end .

The what?
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23rd Jan 2019 08:43

Sorry I meant that paying myself a minimum salary of £8,424 , I won't have to pay income tax or NI on it

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23rd Jan 2019 08:44

To get an accountant.

This is just the first thing you've realised you don't know. What other mistakes might you be making because of your lack of accounting knowledge?

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23rd Jan 2019 08:47

Good chance the relevant figure won't be £8,424. Take stepurhan's advice.

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23rd Jan 2019 09:31

No, you're not too late but for heaven's sake get an accountant.

Soon.

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23rd Jan 2019 13:52

Elisabeth,

I think you'll appreciate, from the responses you've received, from fellow members that, the best advice that anyone can give you, is to seek the services of a suitably experienced accountant. Listen to; trusted colleagues, friends and those you respect, to provide you with a recommendation.
The role of the accountant, who's often a general practitioner, has vastly changed across the years and, compliance aspects form a substantial element of their responsibilities. They undertake continuous professional development and, usually, will have professional indemnity insurance.
Yes, there are some rogues, in the profession; they exist in all walks of life, however, you should look to form a relationship which is mutually beneficial and, should free up your own time, for development of your own business, in the knowledge that you don't have to have a weather eye on responsibilities, which we, on this side, treat as an everyday expectation.
This type of forum was never intended to be a quick, free, fix.

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