Hi

Hi I am new to forum, looking to see if any1 wants any accountancy advice??

Welcome to the forum....

Actually, now you ask, my accountant wants to charge me for doing my paye as I am a ltd company, can I do it myself and save myself a small fortune?

Hi it depends on how many employees you have, I have heard Barclays bank offer a payroll service for around £50pa which is substantially less than accountants charge, outsourcing this can save you money/time etc.

thanks,

I only have one employee, thats me!

your bill shouldnt be too much then do you do your own bookkeeping this saves you costs at year end lots of good free packages out there

I do all my own bookeeping which is all reconciled with statements etc, so, my accountant is more than happy with this aspect but wants to charge me £50 per month (incl vat) to sort out my paye, I feel this is quite a chunk of change to pay myself the same amount each month!

I assume you are paying yourself a set monthly salary and then extracting remainder as dividends?

at the moment just a dividend at the moment but need to start paying myself a salary soon!

I would pay out regular salary then do dividends out of remaining profit

The current tax-free personal allowance is £8,105 (2012/13 tax year), so if your salary is less than this amount, you will have no PAYE income tax to pay at all.

Your company will pay 13.8% NICs on salaries paid in excess of £144 per week (2012/13 tax year).

You, as a company director, will have to pay 12% NICs on salaried income in excess of £146 per week (2012/13 tax year).

You should check with The Pension Service to see if your personal state pension will be affected by the level of NICs you pay, as if you pay yourself too low a salary, you may affect your pension entitlement.

Thanks for your help.

no worries beats watching olympics lol

Hi Accountant and welcome...... Although you've already made my head hurt! Glad I'm paye!

hello and welcome