Limited company start up

[lee wagstaff]

Hi,I am after some advice please,I am thinking of starting a limited company instead of getting paid through a umbrella company, I have got a couple questions please
Would i be allowed to pay myself through dividends and pay tax at end of year or would i have to set up Paye and pay myself that way ?i would be the only director/shareholder and the only one working for this company.
If i was to have to pay myself via PAYE it would be all the money in the account would i still be liable to pay tax on anything after paying tax on my wages.

sorry new to this not sure if posted in right place thanks

 

[Bob]

@UK Contractor Accountant will be the member to help you with that enquiry

 

[Quality Formations]

You can pay yourself in dividends if you are a shareholder in the company which would mean that you pay tax at the year end. You would only need to set up PAYE if you have any employees.

If you were to pay yourself a salary, then there would be no other tax on your wages and the salary would be deductible against the company’s profits.