Am I self employed or employed if I have a limited company?

Рет қаралды 1,648

Күн бұрын

Пікірлер: 66

@EcomArch_LTD 3 ай бұрын

I am very happy to open a British limited company and dealing with " 1 st Formations " made everything easy for me to understand the procedures and transactions Thank you 1 st Formations. Thank you for all your services 1 st Formations.

@1stformations 2 ай бұрын

Thank you for your kind comment and high praise! Is there a topic you'd like us to cover next?

@youssefAbdelMagid 3 ай бұрын

can you please make an example with numbers, including the director's salary, the dividends ...etc I would be really thankful for this.

@1stformations 2 ай бұрын

You may find the following blog posts helpful. They contain more details of the tax you pay through a company, including examples of different salary and dividend combinations. Most tax-efficient director’s salary and dividends for 2024-25 www.1stformations.co.uk/blog/tax-efficient-directors-salary-and-dividends/ The most tax-efficient way to take money from a limited company www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-company/

@doctoryoussuf 3 ай бұрын

1st Formations is absolutely a great company who cares alot about its customers, help them in every matter and motivates them for good !!!

@1stformations 2 ай бұрын

Thank you for your high praise, Doctor Youssuf!

@JelenaSimic-qn9ts 3 ай бұрын

Your videos and blogs are very informative and simple to understand. I couldn't say the same for HMRC and Goverment official site. They try so hard to be confusing as much as possible. However, fortunately, we have you. Thanks for all of your effort and time that you put into this videos and Shorts, as well. Cheerio!

@1stformations 2 ай бұрын

Thank you for your kind comment Jelena. It is our goal to be as clear as possible with our information. We are very sorry to hear that you have had a confusing time with HMRC and Companies House. What videos ideas would you get use out of?

@JelenaSimic-qn9ts 2 ай бұрын

@@1stformations This topic would be higly appreciated if you can explain more. Who is qualified for exemption. "All companies must register with the Information Commissioner’s Office (ICO) for data protection by law, except for a very small number who are exempt." I completed the form But if you explain reasons for exemption it will help to many of us. I research the internet to find the answer.

@1stformations 2 ай бұрын

@@JelenaSimic-qn9ts Thank you for your comment and feedback. While we cannot guarantee exemption from ICO registration, the qualification for exemption typically depends on whether your company processes personal data for business purposes beyond core administrative functions. We apologise this may not be the answer you seek. We would suggest speaking directly to the ICO to voice any concerns you may have.

@JelenaSimic-qn9ts 2 ай бұрын

@@1stformations I did that, I got the answers. But you have asked which topic you should covered, and I had suggested this one. Thank you!

@1stformations 2 ай бұрын

@@JelenaSimic-qn9ts Thank you for your kind suggestion! This has now been raised and if further content is produced on this topic, your suggestion would most definitely be considered. Thank you once more.

@olusegunbabtunde8850 2 ай бұрын

Thank you for the clarification

@1stformations 2 ай бұрын

We are very glad you found this video useful and that it was able to clarify and issues you were previously facing.

@oleksandrvinichenko8104 3 ай бұрын

Good video and very informative! Good Job!

@1stformations 2 ай бұрын

Thank you for your kind comment. We're glad you liked the video! Is there a topic you'd like us to cover next?

@Mills2412 3 ай бұрын

This was so useful and clarified my situation! Cheers!

@1stformations 3 ай бұрын

Thank you for your kind comment, Mills! We're so glad you found the video useful. Before watching this video, did you know about your employment status or the taxes you have to pay?

@SusanChesney-h2p 3 ай бұрын

You explained this comprehensively and so well, thanks.

@1stformations 3 ай бұрын

We're so glad you liked the video. Before watching this video, did you know about your employment status and the tax you have to pay?

@gladedigital 3 ай бұрын

Great summary. The only caveat I'd add to this is in relation to some benefits - for example, the definition changes when claiming Universal Credit. For the purposes of income, you're considered "self employed" by DWP for ANY business income as a sole director, minus your PAYE (which is considered a business expense and gets reported to DWP separately) and business expenses.

@1stformations 2 ай бұрын

Thank you for your kind comment and suggestion. We will look into this further and amend any of our content where applicable.

@CharlesDenney-p8l 2 ай бұрын

Thanks. Very helpful.

@1stformations 2 ай бұрын

Thank you for your kind comment. Is there a topic you'd like us to cover in an upcoming video?

@davidhoyle227 3 ай бұрын

excellent. Quick and easy access to vital information , very well presented.

@1stformations 3 ай бұрын

Thank you for your kind comment, David. Before watching this video, were you clear on the tax you must pay?

@fs11047 3 ай бұрын

This is exactly what I was looking to clarify. Thanks for this informative video.

@1stformations 3 ай бұрын

You're very welcome! Were you unclear on your employment status before watching this video?

@fs11047 3 ай бұрын

@@1stformations I wasn't 100% confident so this really helped

@1stformations 3 ай бұрын

@@fs11047 Great to hear!

@mattjoyce6942 3 ай бұрын

Great video, very clearly explained. Thanks

@1stformations 3 ай бұрын

Thank you for your kind comment. Before watching this video, did you know your employment status?

@tonyyeb_uk 3 ай бұрын

Great video as always!

@1stformations 3 ай бұрын

Thank you for your kind comment. Is there a topic you'd like us to cover in a future video?

@tonyyeb_uk 3 ай бұрын

@@1stformations I've yet to find a good video which explains tax relief on profits in relation to corporation tax, with some real world examples

@1stformations 3 ай бұрын

@@tonyyeb_uk Great, thanks for the recommendation Tony! I'll share your feedback with our Content Team.

@yuliabliss2917 3 ай бұрын

Very helpful. Thank you!

@1stformations 3 ай бұрын

Thank you for your kind comment. Have you checked out any of our other videos?

@Sarumanthewhite888 3 ай бұрын

Thank you, Nicholas, really good sharing! 🤝🤝🤝

@1stformations 3 ай бұрын

Thank you for your kind comment. Was this a question you have asked before?

@paulinazych-bazarnicka438 3 ай бұрын

Excellent explnation. Thank you

@1stformations 3 ай бұрын

Thank you for your kind comment! Before watching this video, did you know about the tax you have to pay?

@shreifassal4880 3 ай бұрын

Very nice informations

@1stformations 2 ай бұрын

We're glad you liked the video! Is there a topic you'd like us to cover in a future video?

@Giartu 3 ай бұрын

Thank you for this. Can I choose not to pay myself any compensation as a Director, and take all the money through dividends? (I cover all these roles alone)

@Aerial.Chronicles 3 ай бұрын

@1stformations 2 ай бұрын

Thank you for your comment and please accept our apologies for the delay in our response. Yes, you can certainly take all of your income from your company as dividend payments rather than paying yourself a director's salary. If you choose to do so, you must report your dividend income to HMRC on a Self Assessment tax return at the end of the tax year.

@SquashDigitalMarketing 3 ай бұрын

Great video!

@1stformations 3 ай бұрын

Thank you for your high praise! Have you checked out any of our other videos?

@ipprp7898 3 ай бұрын

What if I’m a sole director and have no other job but chose not to be paid a director salary at all? How would that affect the self assessment? As low income and can claim the benefit ?

@Aerial.Chronicles 3 ай бұрын

@1stformations 2 ай бұрын

Thank you for your comment and please accept our apologies for the delay in our response. If you don't have any other income and your dividend earnings for the year are within the tax-free Personal Allowance (£12,570) and dividend allowance (£500), you won't have any tax to pay. However, you still need to declare the dividend earnings at the end of each tax year on a Self Assessment tax return.

@Grooovy-shop 3 ай бұрын

very informative.

@1stformations 3 ай бұрын

Thank you for your kind comment. Have you checked out any of our other videos?

@Aerial.Chronicles 3 ай бұрын

Great video! I have a quick question. I’m the director of a limited company, but I’m not currently paying myself a salary or dividends, as the company isn’t generating revenue yet. Am I still required to register for self-assessment as a company director?

@1stformations 2 ай бұрын

We're pleased to hear that you enjoyed the video! Since you're not taking any money from your company, it doesn't sound like you need to register for Self Assessment at the present time. However, be sure to keep receipts for any business-related purchases you make in the meantime. You may be able to claim tax relief on these in the future.

@fledglingMarketer 2 ай бұрын

Interesting information. What happens if I were to pay myself £1 per year and take the rest as a dividend? As non-resident in the UK would I be liable for UK tax?

@1stformations 2 ай бұрын

Thank you for your comment. As a non-UK resident, your dividend income may be treated as disregarded income for UK tax purposes unless your company has a permanent establishment in the UK. Therefore, you may not have to pay any UK tax on your dividend income. However, there are many variables to consider, so we recommend contacting HMRC or seeking professional advice from an accountant.

@s.m.saaduddin4013 3 ай бұрын

I am the owner of a limited company and there are 4 directors including me. All of us are non-resident director of the company. And we take salary on a project basis. Do we have to pay tax on salary? or we just need to pay corporation tax based on profit we make?

@1stformations 2 ай бұрын

Thank you for your comment and apologies for the delay in our response. You may be liable to UK tax on your salary earnings as a non-resident director but it depends on various factors. I'm afraid we cannot offer tax advice - we recommend seeking assistance from an accountant.