Contract to Full-Time. Seeking some Suggestions!

[sunnykapoor7]

Hello Friends,

I've recently moved to UK along with my wife, new to the country rules, and therefore, seeking your help in some areas. I've got a contract for a month beginning Nov 25 and then I've been offered a Full-Time job I have to start in last week of December. I've opened a Limited company for this contract and I'm the sole director and share holder. I will join this full time position in Dec end and I request you to help me in the following areas:-

Q1. Assuming that this short contract gets me around 5000 GBP, what is the minimum amount I should pay myself as salary and how much should I pay as divident and at what intervals (i.e. one time or every month)?

Q2. My wife has a Tier 1 dependent visa. Is she eligible to work on a contract using my Limited company? Should I be adding her as a shareholder of the company?

Q3. Under what circumstances should I continue to keep this company open and when should I consider closing this company?


Thank you in advance!


Regards,
Sunny

[crusador0408]

can't answer 1 and 3 (you may need to consult other websites with similar info), answer to your q2 is yes.

[hussainkothari]

Get a accountant to sort this out for you. Accountants tailor the salary and dividends such that you pay less tax. Also when it come to Tier1 ext, it necessary to show an accountants letter for all your earnings.