Hi
We are looking at bringing a new Director in who will bring some clients with him in return for xx% shares or money.
He has asked whether he can receive his income via PAYE for the first year or so instead of Drawings as he has to remortgage later this year and doesn't want the self-employed Director status to affect his application (he won't have time to accrue the standard 3 years of returns before then).
Are we able to give him shares in the business but pay him via PAYE as we would with staff? I know he'll pay income tax on his earnings that way, it seems a price he's happy with given his mortgage application is clearly important.
From my mind I can't see how we can do this as when dividends are payed (if they are payed) then they have to be shared out according to % share ownership.
Anyone got any ideas?
Olly
We are looking at bringing a new Director in who will bring some clients with him in return for xx% shares or money.
He has asked whether he can receive his income via PAYE for the first year or so instead of Drawings as he has to remortgage later this year and doesn't want the self-employed Director status to affect his application (he won't have time to accrue the standard 3 years of returns before then).
Are we able to give him shares in the business but pay him via PAYE as we would with staff? I know he'll pay income tax on his earnings that way, it seems a price he's happy with given his mortgage application is clearly important.
From my mind I can't see how we can do this as when dividends are payed (if they are payed) then they have to be shared out according to % share ownership.
Anyone got any ideas?
Olly