Join BKN

Join BKN
Join BKN

Ideal Schools

Join BKN

The Book-keepers Forum -> VAT, Payroll & Tax -> paid myself more salary than should have!!!
Post Info TOPIC: paid myself more salary than should have!!!
craigk


Newbie

Status: Offline
Posts: 2
Date:
paid myself more salary than should have!!!
 

hi, ive paid myself an extra £1000 than what i had originally calculated including my tax allowance and expenses, the £1000 will be taxd overall at 38% incl ni & employers ni.

Doing end of year for 19th May and just wondering if can take a directors loan to cover the excess? The £1000 excess was in March.

any advice much appreciated.

thanks



__________________
woody88


Senior Member

Status: Offline
Posts: 227
Date:
 

Hi Craig,

Is the Payroll Year End for a Limited Company? If so, are you the sole Director or shareholder of the company?

If you are, it may be more tax efficient to pay a mix of dividends and salary in the future.

I'm sure that the more experienced members of the forum will be able to assist further.

Ben 



__________________

craigk


Newbie

Status: Offline
Posts: 2
Date:
 

Hi Woody,

yes its fora ltd co and there are 3 directors but I am the only one on the payroll. cant pay dividends as the company has made a loss for the 2 previous years.

 

thanks



__________________
woody88


Senior Member

Status: Offline
Posts: 227
Date:
 

Hi Craig,

Based on the fact the company does not make a profit, as long as you have money owed to you in your Directors Loan Account, this is not a problem. The journals required are Dr Directors Loan Account and Cr either Cash or Bank depending on how the £ 1,000 was paid.

Hope this helps.

Ben



__________________
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum -> VAT, Payroll & Tax -> paid myself more salary than should have!!!
Post to Facebook Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  

BKN Special Offers

 

Resources

Careers & Qualifications  Start Up Essentials  Marketing Centre   Software Reviews
What is a book-keeper  Register as Self-Employed Networking  Software Blog
 Home Study Courses  Money Laundering Local Accountants  
 Qualifications/ Associations  Data Protection Direct Marketing  
 Franchises  Registering as an agent  Telemarketing  
 College / Night School  PI Insurance  Directories  
 Recruitment  Stationery  Google  
     Twitter  
     Volunteer Work  

 

 

 

 

  		 

  		   

 

Copy Right Bookcert Limited