Hi there,
I am an IT contractor who has just switched from an Umbrella company to my own Limited company. I have chatted to my accountant who has recommended that I pay myself a small salary and make the rest up in dividends.
I know I have to keep details of all income/expenses, however I am still confused about how and when I make income tax/NI payments (Employers/Employee) payments? Am I correct in thinking that it would be OK to pay all this at the end of the tax year (with the accountant working these out for me) or does it need to be paid when a salary payment is made??
If I do pay it monthly how can I work these out??
I apologise about what must seem as silly questions but all this is very new to me!!
Cheers
Andy.


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