director's salary at LEL

[mbsc]

Hi ,There
I have a limited company and would like to use up my personal allowance as wages so I will be paying at tax free threshold through the year.I am aware I need to register my company as employer and run a payroll because I am meeting the LEL level ,
How often do I need to run the payroll -monthly or quaterly or annually ? Also do I need to report to HMRC even if the NIC,PAYE is 0 every month or quarterly, or just once per year ? Finally what forms do i need to submit to HMRC for year end payroll - P60 only?
Thank you in advance

 

[deborahc]

You can run your payroll at any interval to suit yourself, but most people do monthly pay runs with matching money transfers. If there's no tax & NIC you need to let HMRC know monthly or quarterly - they have an online notification system.

You'll need to submit an Employers Annual Return (P35 and P14) at the least, and possibly a P11d(b) and P11d - your accountant will be able to help or advise on the specifics for your particular circumstances.

 

[MyAccountantOnline]

Hi ,There
I have a limited company and would like to use up my personal allowance as wages so I will be paying at tax free threshold through the year.I am aware I need to register my company as employer and run a payroll because I am meeting the LEL level ,
How often do I need to run the payroll -monthly or quaterly or annually ? Also do I need to report to HMRC even if the NIC,PAYE is 0 every month or quarterly, or just once per year ? Finally what forms do i need to submit to HMRC for year end payroll - P60 only?
Thank you in advance

Hi Mbsc - is this for you or for one of your clients?