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Search results: 17 article(s) found in topic: Tax and VAT - keyword: Family employees

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TAX/PERSONNEL

An extra pair of hands

Your business is approaching a busy period and you could do with an extra pair of hands to share the load. Can you employ family members and if so what are the tax and employment law consequences? More...

TAX - EXPENSES

Getting your company to pay your personal expenses

Your teenage daughter wants you to fork out £1,500 to pay for a weekend residential course. You could open your personal cheque book for this but would it be more tax efficient if your company paid? More...

TAX

Tribunal rules on tax deduction for children’s wages

The First-tier Tax Tribunal (FTT) recently ruled on whether a business owner was entitled to a tax deduction from his profits for wages paid to his adult son. What was the outcome? More...

TAX - INCOME SHIFTING

Can you transfer personal income to your company?

You personally own a property which you let. A colleague has suggested that if you transfer the right to the rental income to your company you would reduce your overall tax bill. Will the plan work? More...

PROFIT EXTRACTION

Is there an advantage to paying a non-working partner?

Your other half is out of work and therefore not using their tax-free allowances and losing out on credits towards their state pension. Is your business allowed to pay them a wage to save tax and rescue their pension rights? More...

SELLING YOUR COMPANY

Share your shares to save some tax

If you’re selling your company, the tax rate you’ll pay on the gain will be at the special rate of 10%. But, if you’re feeling generous, by including other family members in the deal you can cut the tax bill. How is it done? More...

PROFIT EXTRACTION

Tax relief for a director’s personal assistant

You could really do with some help with the business admin, but your company can’t afford to take on another worker. Can you instead pay your spouse or partner from your own pocket and get a tax deduction for this? More...

PERSONNEL

The trouble with unpaid workers

A fellow director has suggested that his student son comes into work with him during the Easter Holidays to lend a helping hand, but to avoid problems with the authorities it’s on a strictly unpaid basis. Is this OK? More...

FAMILY COMPANIES

A tax break on home loans?

It’s over a decade since tax relief was abolished for loans to buy your home. But if you can persuade your better half to take an interest in your company, you might still be able get a tax deduction for yours. How’s it done? More...

PROFIT EXTRACTION

Justifiable salaries

It’s a couple of years since the Taxman famously lost his court battle over income splitting. As a result he’s now looking closely at the level of salary paid to directors’ spouses. Is there a solution to this problem? More...
Last updated: 26.05.2020

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