I have listed a few related queries together. I hope this is ok, but please advise if I should ask in a different way.
- Employed the first part of the 17/18 tax year, earning approx 25k and paying tax and NI through my employers PAYE and have therefore used up all my personal allowance
- Set up my a limited company in October, with me as sole director, initially contracting by myself, but with longer term plans to grow the company
- I've won some work with a few companies over past few months, which have been invoiced and paid (although no payments received for first 2 months)
- I thought I'd registered for corp tax and PAYE when I set company up, as filled in forms, but never received any details in post apart from companies house so had to chase to receive my different registrations, which I think are now all sorted, with company set up to use Basic PAYE tools.
- This meant I haven't been able to officially record myself as an employee or pay myself anything
- There is currently circa £10k in the company account
- Following advice, I intend to pay myself £8146 pa via PAYE to maintain national insurance record but minimise Income Tax and NI contributions, with the balance paid through dividends
- As I already have tax and NI payments for the first 4 months of the tax year over my personal allowance, I am thinking about not paying myself any PAYE until the next tax year
- Will I have sufficient NI contributions from the first 4 months to get enough NI credits for 2017/18?
- If not, what is the best way to rectify this?
- Am I ok to not pay myself via PAYE until next April - linked to NI above, but also for good practice
- As I am now employed and registered via Basic PAYE tools (I entered start date early Oct) but without any payroll payment, do I need to do anything each month until I plan to pay myself in April?
- Is there a more sensible way to think about any of the above?