Questions and Answers
Directors and NMW
I have just started my own company and my wife and I are the only directors. Do we need to pay ourselves the National Minimum Wage?
Because you are a director, you are viewed as an "office holder" in the eyes of the law. Therefore, you are not entitled to receive the National Minimum Wage (NMW)- unless you provide your services to your company under contract.
On the assumption that your company has not issued you with an employment contract, the answer is no, the company is not required to pay you a minimum of the NMW.
If you would like to discuss this further or any other aspect of starting your own company, please feel free to contact your local TaxAssist Accountant.
Date published 5 Dec 2012
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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