[Advice] Registering as a Limited Company in the U.K

[lolaorchid]

First time poster.

I've looked online for a straight answer to this and I can't find it. This question will probably make me look like a complete idiot, but I'm hoping to get an easy answer.

If you register as a limited company, do you have to pay yourself a wage?

I'm looking to register my company as a limited company, but I'm not interested in drawing a wage as it's still a very small and very slow growing business. I want the company to maintain its own finances.

My main concern here is that I've never actually drawn a wage from the business because it has maintained itself more or less.

I work full time using my limited disposable income to bring new features to the business when I can, but again without drawing a wage.

When it comes to filing self assessment taxes, I obviously file as I'm supposed to, but it's a pain to have to do it when I don't actually make anything from it.

It's more of a hobby and I enjoy the process of learning new skills and concepts.

I know I may have to pay myself a dividend because I'm the sole share holder.

Any thoughts, opinions, or advice?

 

[judah1315]

@lolaorchid No you don't. Me and my dad are both directors of a limited company. I get a wage but he is the majority shareholder and doesn't take a wage.