If you are a limited company director, you are liable to pay both employers’ and employees’ National Insurance Contributions on any salaries you pay above the current threshold.
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national insurance
If you are thinking about getting private healthcare insurance for yourself and your family, you can pay for it in two ways. You can either pay for your private healthcare insurance through your limited company or do it from your personal accounts. Depending on various factors, the tax efficiency of both methods will vary. Therefore, it’s always a good idea to get an opinion of an accountant to help you find the best option.
[continue reading…]As a limited company director, you will usually pay yourself a small salary, and draw down most of your income as dividends. Are there any rules which govern the level of salary you take, and what are the tax implications?
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A new report, published by the Adam Smith Institute (ASI), calls on the Government to scrap Employers’ National Insurance contributions entirely.
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The press coverage of the current outcry over public sector figures working via their own personal service companies has resulted in many inaccurate tax claims being made by the media.
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PAYE stands for ‘Pay As You Earn’. Every limited company, even if the director is the sole employee, must register to set up its own payroll, which deducts income tax and National Insurance Contributions from salaries paid to all staff employed by the company.
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