Registering for Tax

Hi,

I'm currently a PAYE employee getting paid through a payroll system as normal.
I also own my own company and would now like to start paying myself.

I rang Revenue this morning and they told me to fill out a form TR1, specifically section D. However having checked that form just now, I had already filled it out over a year ago when I started my company.
I've been paying employees (except myself) for a year now.

Does anyone know how I should go about starting to pay myself?
I'm not convinced that filling out a form TR1 (again) is going to do anything.

I guess I really need to know how I go about paying tax for myself, considering I'm already paying as a PAYE employee.
I'm using Collsoft payroll software.

Any advice greatly appreciated!

Thanks

You will need to apply for a tax credit certificate and to get this you will need to complete a Form 12A, and use this thorugh Collsoft to calculate your pay.

Domo said:

and use this thorugh Collsoft to calculate your pay.

Click to expand...

Or any of the other suitable payroll packages which are available, many threads on AAM about these, e.g.

Payback
Thesaurus Software

(no affiliation with any of these )

Ask Revenue to allocate some of your tax credits to your new employer ( i.e your company). You should decide on the amount of tax credits you transfer, with reference to how much you will be paying yourself.
Or you could transfer some of your 20% allocation ( Standard Rate Cut-Off Point) and no tax credits, in which case your company would pay you less 20% tax, up to the limit you transferred.
It will depend on how much of your credits / SCROP your current Paye employment is using up. Play around with different scenarios in Collsoft first, to see what effect the changes have.