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UK General Cleaning Forum => General Cleaning Forum => Topic started by: joe.b on May 25, 2007, 06:02:05 pm

Title: running a limited company
Post by: joe.b on May 25, 2007, 06:02:05 pm

hey everyone i was just wondering if the people with limited companies could give me some information, what exactly do i need to do and file when running a limited company, and are there any little things like i got told that a director has to get paid 100 a week??? as much information please as possible

thanks

Title: Re: running a limited company
Post by: heritagecleaning on May 25, 2007, 09:05:38 pm

http://www.companieshouse.gov.uk/about/guidance.shtml

Title: Re: running a limited company
Post by: martin19842 on May 25, 2007, 10:26:55 pm

hi there

we used a registration agent, and they fike any paperwork througout the year for us.  takes a stress away frm us.

regards

martin

Title: Re: running a limited company
Post by: joe.b on May 26, 2007, 07:53:36 am

hey, thanks for the info, so is it true about the having to pay the director money each week?

thanks

Title: Re: running a limited company
Post by: heritagecleaning on May 26, 2007, 08:34:03 am

No, as far as I know a director does not have to draw a salary. What you may be getting it confused with is the system many direcotrs use of paying theselves a small salary (just under the point where tax kicks in) and drawing the extra as a dividend.


Owen

Title: Re: running a limited company
Post by: joe.b on May 26, 2007, 11:14:17 am

got you, also if my girlfriend is a director with me for the sakes of getting the limited up and running, will this affect her tax code or does she need to tell her work anything, thanks for all the help

Title: Re: running a limited company
Post by: heritagecleaning on May 26, 2007, 03:22:14 pm

No, it's none of their business and shouldn't affect her tax code.

However, bear in mind that if she is employed in a job then her tax free personal allowance will be used up in this employment. So if she does draw a salary from the limited company them she will be liable for tax at base rate, i.e. 22%.


Owen

Title: Re: running a limited company
Post by: utopiacleaning on May 26, 2007, 04:44:09 pm

We set up a linited company last year.  The first year, my husband did not draw hardly any salary, kept it under the tax allowance.  Then at the end of the year you can pay yourself a dividend which if i am correct is 10% tax.  The other thing you can do if you have kids, you can make them shareholder.  Each shareholder can then draw a dividend.  Need to check through cause i am sure there is some highest amount you can draw in dividend, not sure about that as we was only trading as a limited company for 4 months before new tax year started.
Inland revenue do some courses about PAYE and directors salary