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Post Info TOPIC: NI contributions for Company director
djglowa


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NI contributions for Company director
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hi everyone!

I'm a company director and doing my PAYE. I'm Director since 1st of January and only employee of the company.I haven't paid myself yet,however I'd like to pay mi first wage soon.I tried to do my PAYE in Quickbooks and was surprised that I have to pay NI contributions on payment above £2072(employers contribution).This is my only employment and first one,hence I was confident that I wouldn't have to pay any contributions up to LEL threshold.I'm using annual method for Director's NIC. Can anyone help mi with this.

 

Many thanks

 

Tom



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GordonB


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Hi Tom,

As your appointment was not until 1st January your NIC entitlement is pro rata, based on the number of pay weeks left in the year since your appointment. Your figure of £2072.00 is 14 weeks @£148 and is therefore correct.

Regards

Gordon

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djglowa


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Hi Gordon!
Thanks for your reply!
So does it mean,that to use an annual scheme the director has to be appointed on or before 6th of April,which in my case I could use it from April 2014? Am I correct?

Many thanks

Tom

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