FAQ

  1. Rating: +1

    I was made redundant a few months ago and decided to set up in business on my own. I have up a limited company but at the moment am not taking any salary but am living on my redundancy money. Its been suggested to me that this is better than lending money to the company only to take it out as salary and pay tax and national insurance on it. However a friends says that as I am a director I’m regarded as a director and should register as an employer. Is he right? Do I have to set up a payroll scheme? Alec