So I have setup a Ltd company as director and ive also setup PAYE, noting that this is a UK Ltd company and my first Tax is due in September 2021. I have the following questions about paying myself as currently on my personal HMRC account, Im not setup as working for anyone.??
So my questions are:?:
I’ve been told / recommended to take personal pay of £12k which will reduce my profit and I’ll get corp tax relief, is this true as I’ve read through HMRC that taking a minimus of £8k I will be relieved from Personal Tax and NI?
?If I set myself up on PAYE what will I be paying every tax year (Business Tax, Personal Tax and National Insurance)?
??I’m just wondering the best solution to go about this that will help in the long term, is there another solution.
