LTD company, allowable deductions in payslip

tandcapply

Hi,
I've recently opened a profesional LTD company (prop director owning 50%, Class S prsi) and am generating payroll. My question is assuming:
My pay is 1000 p/m.
Expenses are 100 p/m.

On the Payslip created for the new company, I see gross pay as 1000 and the 100 Paid sepearatly.
Are I right in assuming that the 100 will be deducted from the company's tax liability at the end of year?

I used to contract via Umbrella company (Class S too) and on an old payslip I see:
Gross pay of (1000-100)=900, followed by 100 Euro payment for expenses.
Is this because an Umbrella company pays everything at source?

TIA

Lockedout2

What do you mean the €100 will be deducted from the liability.

You are paying yourself for expenses incurred.

Get a company credit card to pay invoices. If it travel and subsistence do a separate transfer backed up by a travel expense claim.

Talk to an accountant.

Mr. Incognito

Self employed claim expenses

Employees dont.

Speak to an accountant.

tandcapply

Thanks,

@Lockedout2 - what I meant was that I claim the 100 Euro from the company, when CGT is being calculated at year end, the 100Euro expenses paid will not be included in tax liability.

barneystinson

tandcapply wrote: »

Thanks,

@Lockedout2 - what I meant was that I claim the 100 Euro from the company, when CGT is being calculated at year end, the 100Euro expenses paid will not be included in tax liability.

This thread is clear evidence that you need an accountant, at least for a while.