Our CIC was incorporated on 17th Jan 2011, and we have spent the last year on research and development of our new school literacy programme. We have just started trading to schools in Jan 2012, and want to pay me some salary for all the hard work I've put in to this development.
I would like to draw a salary of less than the Class 1 NIC threshold of £5,304 in the tax year April 2011-2012. I see on the HMRC site that I do not need to register the company for PAYE for this tax year, in this instance.
BUT, I can't find out what to do instead of registering for PAYE. Obviously the company will have to make some sort of tax return, and presumably needs to alert the Tax office we are now trading. I phoned Business Link, but they had no idea either. Any ideas?
By the way, we have not registered as companies house as dormant at any time.
Thanks! Buffy McClelland
you can file this when you have a company and you have not paid anyone below the threshold....which helps, but you would still need to enrol on a paye scheme
Thanks, Dick. Not quite sure what you meant by your message. I've decided it would be best to register for PAYE, so have done that already, just waiting for the PAYE number to arrive. Hope it gets here before my total hip replacement on 31st Jan!!
ok,,,,instead of having to go through the whole rigmarole of filing annual return, if you paid no tax just complete the form i sent instead
Sorry to be dumb, but I hadn't notice that there was a link in your reply. That form is exactly what I need! Thank you very much