u/DepartmentLow4719

Paying myself as a LTD company director

Hi folks. Looking for advice on how to pay myself as a sole Ltd company director.

Im a contract welder in the UK. I bounce from job to job. I recently set up my own company as I've been getting more work which offer LTD company pay.

I want to make sure im getting everything right as I really dont want to be bitten later down the line.

My current understanding is i pay myself the £12,570 tax free amount. I then keep 20% aside on the rest of the money to pay my corporation tax. What's left over i pay myself in dividends which is then taxed at 10.75% which ill also need to keep aside.

Please let me know if I've got any of this wrong.

I also make sure to buy fuel on the company when travelling to work

Thanks in advance folks

Alright welders of reddit. I wanna hear your best solid wire root tips and tricks. Im alright on pipe but in a structural setting, can sometimes struggle to get the root all the way through