I am just setting up my Quickbooks account, hvaing moved from another accountant. I am a sole director and pay myself the £12,500 lower tax threshold and so shouldn't have to pay any tax on it and no NI until towards the end of my financial year. However quickbooks payroll is immediately trying to deduct quite a lot of tax from my monthly payroll and I can't see why. I am set up as a director in the payroll with the £12,500 salary so I am confused as to why. Can you help?
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Okay katehes1, Thanks for getting back to us, We still need to check a few things to ensure set up correctly, Have you got the Director NI on or off? This is situated in the employee details section of the payroll. And do you have any figures in the payroll history? and what pay period is it that your running? Becky