Can any one guide me

[sssabc]

Hi,

I have an limited company for which I am the solo director and through which I am creating invoices and I am getting money in to my company business account.. I am not talking any moeny in to my personal account as dividents/salary....I take money when ever required but making sure not to cross taxable income per year.... Do I need to have CLASS 2 National Insurance??

I am planning to submit the following documents as stated in UK Border Agency site:

Self-employed earnings within a business or company structure
If you have worked in a self-employed capacity in your own business or company structure and have chosen to keep your earnings within the business or company, you could send:

1)business or company accounts that meet statutory requirements and show the net profit made for the earnings period claimed; and
2)a letter from your accountant confirming the details in those accounts.

If you are not the sole shareholder of the company you should also provide a letter from your accountant confirming your shareholding and the proportion of net profit before tax to which you are entitled for the earnings period claimed.


Please advise as my accountant is saying I no need to pay NI2 and sufficeint to produce above two documents.. I want to keep myself safe so please advise..

Thanks
Raj

[hussainkothari]

According to me (and a few may disagree) you are NOT self employed. You are employed by your company and your company pays you to work for it. Tomorrow if anything goes wrong and any one wants to sue you, they can sue your company and not you (this is the difference in being self employed).

So the docs that you need to take care of are -
1. payslips
2. dividend vouchers.
3. bank stmts

Since the limited company is yours and to make sure no doubts remain, it is good to take your accountants letter briefing about your salary/dividends payments, business bank stmts and all docs related to company formation.

-H

[sssabc]

HI,

I am abit confused by these self employed and employe.. My account is saying I am self employeed and I no need to have NI2 Contribution and no need of salary/divendents as I am the solo director of the company..

I am abit worried about these mis understanding I may end up in issues...

Can any one please do let me know what documents I need to purnish and I am a selfemployed or just employe of my limited company..

Thanks
Raj

[hussainkothari]

I am not sure either. read: http://www.immigrationboards.com/viewtopic.php?t=76403