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Posted Wed, 18 Sep 2024 08:54:40 GMT by billinghamn
Considering I have run various small businesses for over 20 years, I'm a tad embarassed having to ask this question! I have just started up a new not-for-profit CIC, so I have registered as the sole director. I will not be taking a salary in the short term, since the business will not be bringing in any revenue. Likely this will not change until early part of 2025 at the earliest. I have my P45 from my previous employment. What do I need to do with that? Do I: 1. Use my P45 to register my employment with my new business, registering myself as a director. There's nowhere to say that I am not being paid on Part 3 of the P45. Then not process any PAYE payments? 2.Use my P45 to register my employment with my new business, registering myself as a director. Then process PAYE payments at £0 per month? 3. Leave my P45 until I am likely to be able to take a salary? 4. Do something else? I'm tending towards 2, but wonder whether I will be challenged over being employed but not taking any salary and not paying any tax/NI?
Posted Tue, 01 Oct 2024 08:59:54 GMT by HMRC Admin 17 Response
Hi,

If you intend to take a Salary in the tax year 24/25 that ends on 5th April 2025, then you should register this online at : 

Register as an employer  ,

once ths is completed and you intened to pay a salary in this tax year then you would deal with the part 3 of the P45 . 

Thank you .

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