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You can pay yourself less than minimum wage as a director/office holder. https://www.gov.uk/hmrc-internal-manuals/national-minimum-wage-manual/nmwm05140 https:
by ownagefool 8y ago
You can pay yourself less than minimum wage as a director/office holder.
https://www.gov.uk/hmrc-internal-manuals/national-minimum-wage-manual/nmwm05140 https://www.gov.uk/hmrc-internal-manuals/national-minimum-wa...
Still, you're right. Talk to an accountant. I use these guys: https://www.maslins.co.uk/ https://www.maslins.co.uk/
- jimnotgym 8y agoAnd from the first paragraph > The national minimum wage does not apply to company directors unless they have contracts that make them workers as defined in section 54(3) of the act. I suggest if you are a single freelancer in the UK you may easily fall foul of that. Remember employment contracts can form without you writing them down. I know of cases where this has happened. If you only come into work for board meetings then sure, avoid minimum wage. But then if you are a single freelancer in the UK you will already be talking to an accountant to discuss IR35...
- ownagefool 8y agoYeah, I've read it. I'm not overly worried about an implied contract between myself and the company I own and direct. It's also generally the advice of accountants and legal professionals that it is fine to operate this way. Also, snark aside, I get my contracts reviewed by QDOS, act outside and have an accountant. Anyone considering being a freelancer or contractor in the UK needs to be aware of IR35 and should get an accountant. Mines is https://www.maslins.co.uk/ https://www.maslins.co.uk/