Clean It Up

UK General Cleaning Forum => General Cleaning Forum => Topic started by: lisa123 on September 01, 2005, 09:56:43 pm

Title: wages/drawings from business
Post by: lisa123 on September 01, 2005, 09:56:43 pm

I have lots of questions, and can't find the answers any where. I'm sorry if i'm asking in all the wrong places, but i must ask. :)

We are not allowed to declare drawings on our businesses, so we can basically pay ourselves what ever rate we feel we need to, would it be easier then, to employ ourselves?

Is it possible or advised to be the employer and employee at the same time? lots more pape work, but it feels like this is how it should be to get paid.

I could be completely wrong, anyone got any views???
Sorry, I am very confused today.

Title: Re: wages/drawings from business
Post by: BSF on September 01, 2005, 11:31:19 pm

Hi Lisa,

please talk to your accountant, if your ltd, you would pay yourself(s) about £90 a week paye, then everything else as dividend(s) but your total divi's are taxable @ 19%

but this is much better than paying very high ni contributions on paye, as I said speak to an accountant.......

Paul



 

Title: Re: wages/drawings from business
Post by: lisa123 on September 02, 2005, 12:01:21 am

Hi Paul

We are just a partnership, and so dont have the confusion
of being Ltd.

I'll have to have a chat to my biz advisor i think, but i'm just having a confused day,  and tomorrow it will be making sense :)


I'm having a dimebar day!!! ;D

Title: Re: wages/drawings from business
Post by: Jan K on September 02, 2005, 05:37:25 pm

you are self-employed and can pay yourself whatever you like.......that's the joy of being self-employed

Jan