Paye

[matp36]

Hi,
I have just started a new limited company back in march of this year.
To date I have only earnt around £7000 and have not paid myself anything yet. Also I don't envisage earning any more before my tax year comes round.
Is it possible to pay myself some dividends now and then pay myself a small wage some time after Christmas? and if so what is the best way to pay myself? would I need to go through registering as an employer and PAYE etc?

[wood1e2]

To pay yourself you need to register with HMRC, their website has the details.

To pay yourself a dividend you need to be a shareholder and have made a profit.

What the company/you have earnt is not profit, it is turnover.

But what you are saying is basically what some director/shareholders do. pay them selves a salary upto the tax allowance and possibly just over to cover NI, if needed.

Then the rest is paid in dividends.

[elainec100@cheapaccounting]

What and how you pay yourself depends on if you are earnings else where andhow much you have in retained profit, see here:

http://www.franklyaccounts.co.uk/fivesalary.php

You may need to register as an employee. For the limited company you have the following duties:

http://www.franklyaccounts.co.uk/fivefile.php

So you may need an accountant to help. They will then advise on how to pay yourself.