Hi,
I have just enetered into contracting starting december 1st and started my limited company. I got the payment for it on January 12th. I am due to apply for tier-1 extension in the month of DEC this year(2012)
Since i am new to the limited company procedure;i understood yesterday that i cannot take salary unless the PAYE is created which would take 2 weeks and is in process of creation
My query is how do i ensure that i tansfer the amount from my business account to show that i had continous 12 months pay to HMRC ?
Options i could think of and my accountant suggested:
1. Can i take dividend alone currently which would act as a salary?
2. Can i take the salary of Dec and Jan; 2 months later as in the month of Feb. i.e showing the payslip for Dec and JAN thus retrospectively ; but my salary on BANK ACCOUNT would show it only on Feb.
Can somebody please advise ASAP if i can choose the above options or suggest me alternative options please
Thanks
Girish
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