Pay Yourself

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...

Where is my P60 in my Crunch account?

Your P60 is the summary of your pay and the tax that's been deducted from it in the tax year. We've got a handy Knowledge article that explains what a P60 is and who needs one. To find your P60 in your Crunch account, simply head to Pay Yourself - PAYE Return. From here, you can view the submissi...

How to pay a director's salary

As a taxpayer you have a Personal Allowance. This is money you can earn each year without paying any tax. You can take this allowance through your company’s PAYE scheme as a director’s salary. Your ability to take the allowance will be reflected in your Crunch account and is based on previous earn...

How to add a payroll run

Payroll runs are used to pay salary to company employees, including directors. You will need to add any non-director employees for whom you need to record salary in order for them to appear in the payroll run. If you just wish to add a director's salary, without any other employees, please see here...

How to record a director withdrawal

To record a director withdrawal simply navigate to the "Pay Yourself" tab and then the "Director withdrawals" tab in the sub menu. On this page, click "New withdrawal": The "New Director Withdrawal" screen that you'll be presented with automatically calculates the total amount that is owed to you as...

How to answer Are you a service company?

This question has been written by HMRC to determine whether you are within IR35 , not whether or not you are a service company. Previously, when HMRC expected a yearly P35, both questions have been asked, but now they only ask this. IR35 is a piece of legislation designed to tax ‘disguised employme...

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