I have a question that I can't seem to find the answer on, so thought I'd ask here.
I know that in the case of 2 jobs that aren't caught under the aggregation rule, both are NICable individually - i.e. if you earn £8,632 per year in each, there will be no NIC on either. However, how does that change (if at all) if for one of those jobs, you're a director, and therefore taxable on an annual basis?
For example, Mr X is in full time employment, earning £20k. He also has a limited company for which he is sole shareholder and director (he is a director for the full tax year). If he earns £8,632 from his limited company in 2019/20 tax year, will he pay any NICs? If not, by my calculations it's still beneficial to process this salary (unless there was insufficient cash in the limited company to actually pay this, which would mean that the director would be worse off from a cash flow perspective until the salary was actually paid).
There will be tax at 20%, but that's in contrast to 19% CT, and then 7.5% tax on dividends (over dividend allowance).
Am I right here, or is the NIC situation different on this second job when you're a director?