billinghamn
Joined: 9/18/2024
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Do I Register as an Employee if a Director Taking No Immediate Salary?
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?