Pay Yourself

Can I edit a past payroll run?

Because HMRC requires payroll information to be reported in real time (see Real Time Information), on completion of every payroll run Crunch files information about the salary, income tax and National Insurance Contributions included in that run. As the information has been filed with HMRC it will ...

Contractor mortgages: Your questions answered

We sit down with Ben Murphy of Mortgage Medics to discuss the tricky subject of freelancer and contractor mortgages. Why are they so hard to apply for, which lenders can you trust, and how can you maximise your chances of success?

What happens if I don't perform a payroll run every month?

You may choose not to pay yourself or your staff any salary during a given month. To remain compliant with RTI you should still create a nil payroll run within your Crunch account. Not making an RTI submission on a monthly basis will incur penalties from HMRC.

Final Payroll Submission for the tax year ending 5th April 2019 for C...

When the end of the tax year looms on 5th April, we want to ensure you submit everything you need to, to HMRC. We also want to ensure you make the most of your personal tax-free allowance by taking a salary from your company up to the National Insurance Primary threshold. Consequently, you may n...

I have just taken on another job and they are paying me through their ...

Yes, but you only need to tell us the gross amount of salary per annum.

How do I repay my student loan if I am only taking a salary of £8,060?

There are two types of student loan which work out into slightly different repayment plans. Plan 1 is any student loan taken out 'before' September 2012, and Plan 2 is any student loan taken 'on or after' September 2012. You have to be earning over a certain amount of income before you are require...

What happens if I draw a salary from my company, even if I have earned...

If you have previously been a sole trader you may want to utilise your personal allowances against these earnings, in which case your personal self-assessment liability will be reduced accordingly. However, where your self-employment earnings are less than your allowances, there will be a balance th...

What should I do if my tax code is incorrect?

If your tax code is incorrect you could be paying more tax than you need to. If you were previously employed in a company where you received benefits in kind it is likely that your tax code would have been decreased in order to automatically pay these throughout the year, or perhaps you underpaid ...

Can I take a loan out from my company?

Tax is due on anything over £10,000, this is charged at the official rate of interest, 3% (2015/16). The benefit in kind is the difference between the tax actually paid and the amount due. Interest must physically be paid into the company by the director. Section 455 of the Corporation Tax Act 20...

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