How much to pay myself?

liquorice_2

Hi Guys,

First off, sorry if this is a tad long!

I have been through brooksons before but now I am doing it myself.

I just want to confirm how much to pay myself etc. and avoid a big shock when I need to pay tax!

Last week I invoiced £1284.

Milage = 480miles = £192

So if i take 20% of £1092 (£1284-£192) = £873

Then add the £192

= £1065.6

That means there is £218.40 in the company account.

No the accountant will at the end of the year sort out how much was salary & dividend etc.

I was advised to pay the company secratery £4800p/a (£400 p/m)

This worries me as lets just say for example 4.5 weeks per month my totals are;

Invoiced - £5778
Milage - 2160miles = £864
20% off £4914 = £3931.20
+ milage = Pay - £4795.20

Money left in company = £982.8

So if I then pay the secratery £400 there will only be £582.80 in the company......surely this wont cover tax.....or somehow will it?

As an example (ignoring the milage limits for this, VAT Reg etc as I wont reach threashold with holidays and so on) over 12 months =

Invoice - £69336
Pay - £57542.40
Secratery - £4800

Left in company - £6993.6

liquorice_2

Answering myself.......

Do I just take the £400 off what I pay myself over a month and pay the secretary instead?

liquorice_2

anyone have an idea?