I am a director (one of two directors) of a private Ltd. company that carries out web development work. I also have a full-time job during the week but do the web development in the evenings and weekends (in my own time).
As I already have a full-time income, I would like to spend the money earned via my company on business items whilst we're starting up rather than paying myself wages.
If we are trading and earning money, can I opt to not pay myself for my own work without breaking any regulations? I operate PAYE and have submitted non-payments up to now for each period (as we genuinely haven't paid ourselves anything yet).
At the moment we are only earning enough through the company to cover things like insurance costs, server costs and ongoing business costs month-to-month. So if we were to pay ourselves a salary also we would literally be losing money.
I'm aware of NMW requirements etc. but as we're not recording the time worked and I'm actively waiving my right to NMW is this okay?