J N

Hi there Had a quesr. For income tax year 23-24tion re: salary threshold needing to register for PAYE for myself as a sole director of a LTD company. I incorporated my business in May 2023 (previously sole trader) and am sole directo, my accountant advised me to pay myself a director salary of £9,096 (rather than £12,570) and rest in dividends so that I wouldn't need to operate a formal payroll and that I wouldn't need to register for PAYE. He also advised I could do this via director loan vs. paying myself in cash, which I did for cashflow reasons (so I did not draw the £9,096 out, but just recorded it against my director loan account). However, I started filling out my self assessment for 23-24 which implied I needed to give a PAYE reference - when doing some research online I found info suggesting that any salary above the NI LEL (£6,396) requires PAYE registration. When I queried it with my accountant he said I am compliant, and can just put 000/N as the PAYE reference. Is this correct? And if so, would my 23-24 contribution towards state pension be recorded via self assessment? Thanks

Thanks Jason! Very helpful

Hi I just set up a direct debate to pay my VAT return for the period Aug-Oct. My payment is due by 7th December 2023. When setting up the direct debit, I had no option to choose the payment date, and it says my next payment will be taken on 12th December 2023 (5 days late). Do I need to worry about this / make my first payment manually before 7th? Or is it normal for the direct debits to be taken after the due date and I will not be penalised?