How do I get back in touch with you if I need to please?
If you can just please clarify.
Can I pay myself dividends every month and thus avoid NI? Presumably if ALL the profit was paid out this way there would be zero corporation tax?
You can pay dividends and avoid NI.As I said in my answer, dividends are not an expense and the company will not get a deduction for them from its income. Dividends make no difference to the corporation tax liability.
Do not click accept or rate as you have already paid.
So I'm totally clear! If I pay out -say- £5,000 as dividends and leave -say- £10,000 net profit in the company the company will not pay any corporation tax - just on net profit ABOVE £10,000?
Please let me know if you need ny more money!
Just thought I'd heard somewhere that small companies did not pay corporation tax on the first £10,000 of net profit - is this not the case then?
If that IS the case do HMRC carry it forward and charge you in year 2 if you exceed an agregate of £10,000 for the 2 years - and so on.........!
Again, many thanks,
Its the pest again!
I am the sole shareholder and sole director - can I pay myself as an independent contractor by any chance?!
1. Please let me know when I owe you more money!
2. Are you able/interested in doing my accounts and tax returns at year end?
Its small - currently around US1,500 per month gross income from 2 clients only. Currently all our clients are in USA but we plan to develop in UK soon. (We take the payments via PayPal and hold them in US$ until we need to spend £s then we call the funds down into our Natwest a/c). Most of our expenses are from US based consultants (who are independent contractors).
3. If interested what would your fees be roughly?
Hi LesleyYou cannot employ yourself as a contractor.1 If you wish to ask a question on another topic, you should start a new question and ask for me if you would like me to answer it.2 I cannot take on clients through this site unfortunately.3 See 2 above.
Thanks for that Tony (or whatever your real name is!) - how can I contact you direct to discuss the other matter?