Further to the publication of the rates and thresholds from HMRC, from 6 April 2019 we are advising our clients that directors will be able increase their current salary with no tax or national insurance deductions.
Directors of Limited Companies will be able to increase their salaries from £702.00 to £719.33 per month, or weekly wage from £162.00 to £166.00 per week. This would result in no Tax or National Insurance deductions, depending on individual tax codes.
Also, the minimum wage rates will be changing from 1st April 2019. You can the new rates here.
Our dedicated payroll team offer a fully-comprehensive service, giving you peace of mind that your payroll is being taken care of efficiently by professionals.
To find out more please visit our website or contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.