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The changes: The employers’ National Insurance rate is going up from 13.8% to 15%, and the annual salary threshold reduces from £9,100 to £5,000. The implications: Directors pay pre NI deductions reduces. Payroll needs to be set and monthly returns sent to HMRC if annual salary breaches the £5000 threshold. Threshold is currently £6396. (The … Continue reading
[Putting this out late in the tax year (we are in August!) because so many new businesses are being started post COVID-19 lockdown.] Most tax efficient salary for directors in 2020/21 is £8,788 per annum. This equates to £732 per month or £169 per week. You may top up with dividends. HOW IS THE TAX … Continue reading
Phoenix Debola 