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Partnership just incorporated - which tax code for directors?

Partnership just incorporated - which tax code...

So the partnership has made profits from 6 apr to 1 nov when they incorporated. I now have to process payroll for the directors who want £2k net pm. What paye should I be using?
Also, is it safe/common place to put through £624 through payroll and take the balance of 1376 as a draw from the directors account against goodwill (if that makes sense!). We havent yet established goodwill.
Basically I'm asking for guidance on what is normal procedure to draw £2k in most tax efficient way at the early days of incorporation before it is possible to raise a dividend.


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By mhtax
27th Nov 2012 22:07

Follow rules - if Directors can sign P46 to say only or main job this year use 810L - if they have other employment use BR.
Why wasn't the goodwill valued before incorporation?

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By imbs
27th Nov 2012 22:29

Well it was been verbally established. And I will post it when preparing the first set of company accounts. How formally documented does this have to be? Should it be Agreed with HMRC before date of incorp or does it just have to be agreed before first accounts and ct return submitted? Or do our verbals and my scribbles suffice at our pre incorp meeting?

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