How much can a director of a company earn per week before paying tax and ni on their wages? at the minute I have them on £181.54 per week, which has been fine so far and they have not paid ni or tax on this amount BUT last week they paid £6.19 NI on this figure. Does anyone know what I can change it to, so it's the maximum amount without having to pay tax and ni?
ALSO it's been so long since I did my payroll course and I'm having a hard job remembering things. As a director is in the payroll, what happens at the end of the year? as I remember something about directors pay a lump sum of NI at the end of the year? - if this is right how does this work please?
I think it's too late now. They (employee) can earn £149 per week before paying NI. (The Employer pays at £148 per week).
£149 x 52 weeks = £7748. £181.54 x 43 weeks = £7806.22 .
You have being doing the Directors on a cumulative method so they hadn't reached the yearly figure yet. They will pay NI from now until the end of the year.
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Never buy black socks from a normal shop. They shaft you every time.
Remember that you have three thresholds to consider :
Tax : £9,440 (£182 per week)
EMPE : £7,775 (£149 per week)
EMPR : £7,696 (£148 per week)
As you have been paying at £181.54 per week and last week was week 43 there's nothing that you can do now about paying NI for the rest of the year.. In fact, from this week its' going to be EMPE and EMPR.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Just read Peasie's post as mine says the same thing in a different way.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
