Directors salary

[pkenny]

I have been taking a salary since arpil this year but not done any tax Ni returns - can I just bring my paperwork up to date and will I be fined ?
I make a return for CIS monthly and pay quarterly.
When / how often should I pay my Tax and NI for my salary ?

 

[Davem1234]

I'm sure someone will answer the question for you along with your other question but I think you need an accountant to sit down with you and discuss these and other issues as you have to make sure you know what you are doing when running a company.

 

[elaine@cheapaccounting]

Do you have a limited company?

Are you paying contractors under CIS?

 

[pkenny]

Yes it is limited company and I use sub contractors and operate cis payments for them - paying quarterly at the momnet but limit is now reached so will pay monthly in future.

 

[elaine@cheapaccounting]

OK - thanks

So for your salary - how much are you paying yourself?

Have you kept a payroll record?

How about a mix of salary and divs, read this:

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

What has your accountant suggested?

 

[pkenny]

I want to show a salary of 6000.00 for the current year (apr 09 - 10) but have not done a proper payroll ie not actually sent my ni payments in etc. I know I should have and think perhaps I should just show a salary below the NI limit and start properly from now (which also fits my y/e 23/9
Have received mail from Toni and will return form today - many thanks

 

[elaine@cheapaccounting]

I want to show a salary of 6000.00 for the current year (apr 09 - 10) but have not done a proper payroll ie not actually sent my ni payments in etc. I know I should have and think perhaps I should just show a salary below the NI limit and start properly from now (which also fits my y/e 23/9
Have received mail from Toni and will return form today - many thanks

Great - thanks. Good luck