Does Company have to Operate PAYE and Report Wages Under RTI to HMRC?

Q. I am the Sole Employee of My Company and I Pay Myself £100 per Week. Does the Company have to Operate a PAYE Scheme and Report my Wages Under RTI to HMRC?

A. The company does not have to operate a PAYE scheme if none of its employees earn at least £123 per week, and none receive expenses or benefits or have another job or pension. However, the company must keep adequate payroll records so it can prove what has been paid as wages and when.

As an employee, you don’t pay tax or national insurance contributions (NIC) on your wages under £242 per week, but if you are paid at least £123 per week you receive a NIC credit. This allows you to build up entitlement to the state pension and other state benefits.

Disclaimer

Powered by BetterDocs

Feeling Lost with Finances?
We're Here to Help!

Tax filings
0 +
Accounts filings
0 +
Reviews
0

Request A Callback

Call Now