I stick to the sole traders so need help with a couple of questions that have been put to me from someone just setting out as a limited company as from next week.
Do directors have their salary (£110) a week in this case done through payroll with payslips? Also how and when do they get dividends paid to them?
Just thought I would pass it by the guys in the know. You have been very helpful so far. One day I might get round to training so that I can cover LTD.
I thought I was too old to bother until this lovely government gave me a heads up that I can work till I drop. Albeit with a large key, keyboard and a 42 inch moniter. Plus patient clients that wont mind me nodding off in the afternoon.
Yes Directors' salary should be paid via PAYE system. Remember NI for directors is annualised.
Dividends should only be paid when there is sufficient profit from which to pay them. However, some take them as regular payments of x amount (this is OK provided there is sufficient profit being made). Some take a lump sum every year when profit has been determined. You need to make sure that the paperwork for the dividends is in place too.
Thanks for that, I will pass it on. At the moment it is all another language to me.
One day I will get round to it as I have lost so much business through not being qualified in this area. However I would rather lose business than get it wrong.
I dont know if things are picking up in general for everyone, but my workload is increasing with just the sole traders so I hope it is for everyone else.
I dont know if things are picking up in general for everyone, but my workload is increasing with just the sole traders so I hope it is for everyone else.
I've just passed Level II Manual with ICB but I'm not going out into the big bad world until I have Level III at both the manual side and computerised side of things. Which is a pity as at the moment I'm seeing quite a few ads in the local weekly papers for bookkeepers - some 16 hours a week and one 20 hours a week. One was even in the town I live. I haven't noticed any for months and now they are popping up quite regularly. Hope it keeps up when I'm able to adevrtise.
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Never buy black socks from a normal shop. They shaft you every time.
If you have the time and little 16 hour a week job would be ideal to gain you experience before setting out on your own.
It would be ideal - but something that takes 16 hours a week isn't going to be little though unless it is more than just bookkeeping. The ad wasn't so clear what else there was - it was a tiny Job Centre Plus ad in amongst half a page of them. The 20 hours a week job involved answering phones as well - not one of my strong points. I don't like people so the isolation of being a bookkeeper is ideal for me.
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Never buy black socks from a normal shop. They shaft you every time.
I agree with Sheila that a little 16hrs per week job would be good experience before branching out on your own. I have picked up a couple of clients from tiny Job Centre adverts...good to start small and build up.
If you don't like people much, are you planning on doing most of your bookkeeping work from home?
I prefer animals to people! (They don't argue or answer back). We have 4 guinea pigs, 4 rabbits, a cat and some fish and are about to take on next door neighbour's two cats whilst they are away for a while.
My cat (see pic) likes to sit on my work when I'm working from home. Not very helpful really bless her!
