How to register your new PAYE scheme

This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC.

A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing.

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Thinking of starting a business?

If you are turning a hobby into a business or starting a whole new venture, here are some tips to help you get up and running without falling foul of the (UK) tax authorities.

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Save Tax and National Insurance with your limited company

It is possible to reduce your (UK) personal tax and national insurance by running your business via a limited company.

The amount of tax and NI you can save will depend upon several factors including the company’s profitability, your personal circumstances and the amount of funds you wish to withdraw from the business.
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A quick guide for your new limited company

Getting at your profits

Extracting your profits from your company can be by a mix of wage (ie under PAYE) and dividend. In order to pay a dividend the company must have sufficient after tax profits. ie for a £10k dividend to be paid the company must have approx £12.7k pre tax profits (corp tax rate of 21%).

Do not be tempted to withdraw more than is legally available as dividend, as it would be “illegal” and HMRC may class it as a salary or a loan to the director (taxable benefit in kind if over £5k) and charge tax & NIC.

For more on how to extract your profits in a tax efficient way, read our article “Save tax and National Insurance with your limited company”.

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