Save a huge amount of tax! How to show Directors Salary in QuickBooks Online!
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- čas přidán 6. 08. 2024
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Great video, I have a question I set up my company last year year April and the company had not made any money at the time Ive only been able to take small amount of money from the company through my directors loan account via expenses im owed. You mentioned you can run directors salary to be paid to your directors loan account, would I be able to back date that monthly slurry to run against my directors loan account and then when I get some money come into the business from work I due to be paid for shortly I can then draw down some funds from my business against my directors loan account? Hope that made sense lol
I've very recently started following your channel and have learnt a lot from it. Thank you very much for all the time and effort you put into this and making it seem less daunting. We're looking to move payroll in house and was wondering if you have a video on advance payroll?
It’s on the to do list for an in-depth review but we did do a payroll video this time last year 👍
@@TheQuickBooksChap Thanks, I'll keep an eye out for it. Your videos are very very good. Thank you 😊
Thank you Aaron, You are very good.
Thank you
Hi Aaron, thanks for the guide. How does Tax calculation method and Director calculation method affect the amounts due? I can't find any info on this, so not sure what to select in my case. I started 31/01/2023, so my first salary payment is due at the end of this week. Thanks
Hey, would you do the same for employers national insurance? Cheers
Such a useful video, thank you so much for sharing knowledge! Quick correction, your Journal Entry at 08:50 does not seem to be correct as the 50GBP pension and tax liabilities are booked against expense accounts (Cr) , instead of liability account, while on the balance sheet you are showing, these are booked against liability accounts (which is the correct). Although at 10:40, it seems you corrected the journal entry.
Yes! Thank you!
I don't have a Directors Salary or Wages and Salaries account available. Do I need to create these in a specific way, or are these essentially generic Expense accounts?
Generic Expense Accounts would be fine!
Isn't the company director self-employed? I have been self-employed for the last five years so I don't have a tax code . I have seen somewhere that in Xore you have the option to select self-employed as the director, doesn't quickbooks have this option? Many thanks
the director is an employee and not self employed