Indeed. Directors' NI is handled differently (to prevent Directors paying themselves for only one month each year, and going way over the Upper Earnings Threshhold, while remaining below the Lower Earnings Threshold in the other 11 months), but it is not replaced by an 'NI stamp' (which term is an anachronism) which is applicable to Self Employed and Partnerships.Originally Posted by keithAngel
PAYE returns have to be submitted by July 19th each year. Company (Corporation) Tax return has to be submitted within 12 months of the end of your company accounting period, although any tax due has to be paid within ten months.The other thing is that your company should be submitting its returns on time its about 7months after our financial year ends and you can nominate when that is they can get quite sniffy about late returns however you could earn very little as an employee ,claim all you allowable expenses an d then pay corporation tax on the profit and collect that as a dividend .
I believe that the Revenue are also getting sniffy about the use of this mechanism and, in any case, it was always useful to earn a more reasonable salary in order to gain other benefits such as allowable contributions into pension schemes etc. I used to adjust my earnings from all sources so that I remained below the 40% tax level (at which point un-earned income gets hit to bring the tax paid up to 40%).You should always earn just over your tax free limit which used to include the now gone 10p rate as its cheaper than paying CpT at about 19% I think
Of course, since closing my company I've been trying to forget all the details, so the foregoing may not be totally correct!
