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  • Tax

    Looking to set up a Payroll

    Hi Guys and Girls

    I am looking to pay my wife who is a director a Salary

    For aase of administration I intend to pay her once a year to the Max before NI kicks in which I think is around 8k a year

    Can you please inform me how you did it and what is involved or should I hand this over to the Company Accouttant

    My wife will pay Income Tax at base rate so I will have to send the Tax to the HMRC

    how do I do this

    Thanks Enjoy the sun in the UK

    DL

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    Learn Change and Adapt ?????

    Hi DL

    I let my accountant deal with my payrolls as he has never imposed an additional charge.  There are also firms that you can use for minimal fees just for this.  NI limit is currently £8424 per annum or £702 per month.

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    Thanks Paul have a good weekend

    DL x

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    Learn Change and Adapt ?????

    You need to be a bit careful as HMRC can look at this as a way of avoiding tax if your wife doesn't do any actual work for the company.

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    She works collecting rents and then put the rent in her bank and then transfers the rent to the company bank account Lloyds charge a fee for counter deposits so after what you have said it shouywork well

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    Learn Change and Adapt ?????

    I do my payroll within my accounts software (QuickBooks). It does the payslips and general ledger postings. Only costs £1 per month.

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    thanks for the tip

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    Learn Change and Adapt ?????