Marsland Nash Payroll have calculated that the new optimum salary for a director will be £12,579 pa for the financial year ended 5 April 2024. This is due to the alignment of the standard Personal Allowance threshold and Primary NI Band.
A salary at this level will incur some Employers National Insurance but the company will receive tax relief that outweighs the potential National Insurance liability.
Marsland Nash Payroll will update their directors salaries as a matter of course – if you process your own payroll it is worth looking at the relevant directors salaries to ensure that you are paying yourself the optimum salary. Please feel free to pop into our Newton Abbot office to discuss your Payroll & Pension affairs and we will be happy to advise you.