MeathCommute
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Hi. It's me again. I set up a Limited Company for the purpose of IT contracting. I am the sole director and my wife is the secretary. She is not going to get paid anything because we want to keep things simple. The IT contracting money will be paid into a business bank account. I am billing the employer for my services and adding VAT of 23%. I understand how to do a ROS return of the VAT on the website. The part I am really confused about is the PAYE return. I am supposed to do the PAYE return once a month. Is this depending on how much I withdraw from the business account as "wages"? I believe this is the P30 return. As I am a director, and I am merely taking money out of the company as drawings, is this "wages" that I am paying myself in a PAYE capacity e.g. with my private PPS number? Is that the way I do it?
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