Directors salary advice
I recently left my full time employment to work on a few of my own projects and freelance. I started a limited company this year in April with the plan of paying myself the £12,570 a year from my freelance earning so I cover my NI contributions with no income tax.
Using Tide bank and their payroll feature I was simply going to pay myself the £1,047 per month seeing as I incorporated in April, nice and simple . However I didn’t expect it to take 2-3 months to get all the paperwork sent from hmrc to get payroll set up!
Now that my directors salary is likely to not start until end of July, do I just adjust the monthly payroll payments from the start (so £1,396 pm) or £1,047pm and do a lump sum of the rest on the last payroll before end of tax year? Maybe either is fine?
I know I could just hire an accountant but for the first year I thought I could handle everything myself and get an idea of how it all works. It can’t be that difficult right 🥲Thanks for any tips.