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Posted Tue, 13 Aug 2024 01:18:47 GMT by newuser123456789 sameasabove
In FY 24/25 I have worked as an employee in April and May; for salary of £5,210.87 over those 2 months my NI contribution was £292.89 Then I have quit that job, started my own one person limited company and now I am considering setting up PAYE. My intention is to pay myself a small salary, yet sufficient to to qualify for certain state benefits. I want to understand how does the maths work for the remaining part of this FY for 1) PRIMARY THRESHOLD FOR NATIONAL INSURANCE: with £9,568 per year for 2024/25 should I have my PAYE of no more that £9,568 - £5,210.87 = £4,357.13 for the rest of the year? 2) USE FULLY PERSONAL ALLOWANCE: with £12,570 per year for 2024/25 should I have my PAYE of no more that £12,570 - £5,210.87 = £7,359.13 for the rest of the year?
Posted Fri, 16 Aug 2024 12:48:16 GMT by HMRC Admin 20 Response
Hi,
You will need to speak to the Employers helpline with this query.
The contact number is 0300 200 3211. Lines are open from 8am to 6pm, Monday to Friday.
Further information regarding National Insurance thresholds and directors can be found here - Rates and thresholds for employers 2024 to 2025 and here National Insurance for company directors
Thank you.
 

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