Recent content by KevinJackson

  1. K

    Optimum salary for self-employed directors for year 2020-2021

    I do the usual of paying myself minimum salary and taking dividends so my other source of income is the dividend which I quarterly pay myself.
  2. K

    Optimum salary for self-employed directors for year 2020-2021

    What is the optimum salary for directors to pay zero tax and national insurance for the year 2020-2021? So far I came across the figure £8,788 which equates to £732 monthly. Is this figure correct?
  3. K

    Corporation Tax Payment reminder and Corporation Tax return reminder

    I have received a "Corporation Tax Payment reminder" saying Your payment of the corporation Tax for the accounting period 30 April 2018 is due by Feb 2019. I dealt with it and I mentioned there is no tax to return as the company was dormant. Now I have received another letter "Corporation Tax...
  4. K

    Director's dividends

    In regards to the third question, What I meant was the name of the transaction. What do you call this transaction [ the name it appears in your bank account statement ] when you transfer dividends money to your personal account? "director's dividends", "birthday dividends", "winter...
  5. K

    Director's dividends

    1 - What is the common practice for a director [small limited company with two employees, Director is the sole shareholder] to take dividends from company's account in terms of frequency. I know that practically speaking a director can take money any number of time any day of the year but I...
  6. K

    Recording date of purchase for book keeping

    How would you store purchase records from amazon? I mean they only send you email. How do you store them? Simply convert the email to pdf and save it somewhere on your machine?
  7. K

    Recording date of purchase for book keeping

    Lets assume Company X requires to buy an item x [ webcam for instance ] for its business. It places an order on Amazon UK. Now to keep the books up to the, Which of the following should be recorded by the book keeper : Date the order placed? Date the order arrived? Date inside the electronic...
  8. K

    Calculations for 2 full time employees on basic salary

    In this particular case the tax code for both employees is 1185L. Employer's contribution to a hypothetical pension scheme is 1% [Er = 987.50 * 1% = £9.875 ] and Ee Pension is [9.875 * 80% = £7.9] which is tax relief at source. How would this change the dynamics of that £3000 tax allowance for...
  9. K

    Calculations for 2 full time employees on basic salary

    [Kudos to you] Powered by 3. In fact in this particular scenario I was mainly to blame because I got distracted so much with my calculations and whether they are correct that I didn't pay attention to your tax relief recommendation. Well done.
  10. K

    Calculations for 2 full time employees on basic salary

    [Kudos to you] Powered by 3. In fact in this particular scenario I was mainly to blame because I got distracted so much with my calculations and whether they are correct that I didn't pay attention to your tax relief recommendation. Well done.
  11. K

    Calculation of the Ee pension for the first month

    Looking at a 31/01/207 payslip for an employee with gross annual salary of £40,000, I can see Ee Pension reduction of £26.67. I also see monthly Er Pension of £33.33. The Er (Employer Pension) is easy to understand. Obviously its 1% of the Total Gross Pay (monthly) £3333.33 but I can't really...
  12. K

    Calculations for 2 full time employees on basic salary

  13. K

    Calculations for 2 full time employees on basic salary

    Assuming Category Letter A we will have the following for each employee: Lower earnings limit - £ 503 Earnings above the lower earnings limit up to and including the primary threshold - £ 199.00 Earnings above the primary threshold up to and including the upper earnings limit - £ 285.50...
  14. K

    Calculations for 2 full time employees on basic salary

    Employer NI for 2 employees = £39.40 * 2 = £78.80 2 Employees NI contribution = £34.26 * 2 = £68.52 altogether would be £147.32
  15. K

    Calculations for 2 full time employees on basic salary

    The net pay for the employee would be £953.24 = £987.50 - [£34.26 Employee NI] In fact the total money which company X needs to pay to HMRC is (£39.40 * 2) + (£34.26 * 2) = £147.32
See more
Top Bottom
Community
Articles
Menu