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Directorship Query

  • 12-08-2011 12:02pm
    #1
    Countryboymike
    Registered Users, Registered Users 2 Posts: 29 ✭


    I am a director of a Company thats not trading well .I want to keep this company and have filed returns ect .
    I intend to work for a company in the mean time as a paye employee.Do I need to inform my employer that I am a director and that I own a Company.
    How does this effect my tax credits as regards paye.
    I intend to keep my company open as it will trade successfully when the economy improves .It will be just dormant for the foreseeable future.:confused:
    Heads up on this would be great .


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    You do not need to inform your employer unless you are required to by your contract of employment.

    It should not affect your tax credits etc provided you transfer them over to your new employment from you own company.

    Dbran


  • #3
    Countryboymike
    Registered Users, Registered Users 2 Posts: 29 ✭Countryboymike


    Thank you.Thats very helpful.:)


  • #4
    paul71
    Registered Users, Registered Users 2 Posts: 3,325 ✭✭✭paul71


    In fact, you will be better off as you will be entitled to the PAYE tax credit which currently as a director you do not have.


  • #5
    CPJM
    Closed Accounts Posts: 20 ✭CPJM


    If you are a proprietary director, i.e. you own more than 15% of the issued share capital or the voting rights, you might still be required to prepare a personal tax return even if no income is extracted from the company while it lies dormant.

    It most likely does not apply in this case, but the payment of unemployment benefit can be restricted if the individual is a company directors even if they are not in receipt of any income from the company. I mention it just in case there is any gap period where you will not employed by your new employer..


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