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Hi,
Director started New co in Nov, old co went into administration
has not taken salary due to see if the insolvency service would pay out, they will not.
Set up New Co payroll and got p45 from old co for the ytd figures
Come to March and I am thinking why not advise the director to take a salary below NI threshold so at least they can take advantage
Entered £632 into payroll software and it has produced a refund this month of paye as ytd tax allowance is alot less that what the director has taken so far as only paid up until november so has 4 months tax allowance
Is this ok to do and can I pay up to the tax allowance i.e. director gets paid roughly 3K refund? The company is profitable now so it will reduce tax?
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