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Search results: 10 article(s) found in topic: Husband and wife companies - keyword: Income splitting

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EXPENSES

Tax deductions for “spouse’s wages”

Your new bookkeeper has suggested you pay your other half a salary and claim it as a business expense. He says as long as you actually pay them HMRC can’t object to the tax deduction. Is this really correct? More...

LOANS

A new twist to income shifting

You’ve been told that you can reduce your higher rate tax bill by transferring some of the shares in your company to your partner. The transaction can be a simple gift, but is there a more tax efficient alternative? More...

INCOME SPLITTING

Sharing the family income

The current economic downturn has resulted in falling income for your family and now your partner has been made redundant. Could you transfer some of your income to them and save some tax in the process? More...

INVESTIGATIONS

Spouse’s wages

If, during an enquiry into your business accounts, the Taxman queries your tax deduction for “spouse’s wages”, how should you respond? Or what can you do now to improve your case should he ask sometime in the future? More...

NEWS - PROFIT EXTRACTION

Should you change your shareholding?

From April 6 2008 the new income shifting law threatens to increase tax bills for all business owners who share out their business profits. Is there anything you can do now to protect yourself and your business from this new law? More...

NEWS - DIVIDENDS

Act now to avoid higher taxes

From April 6 2008, a new law will make it difficult to save tax by paying dividends to your spouse. What should you be doing now to get around this? More...

PROFIT EXTRACTION

Income splitting

PROFIT EXTRACTION

New justification for spouse’s salary

Not sure if the salary you pay your spouse is going to survive the Taxman’s “excessive for their duties” challenge? Here’s a new way you could justify paying them more than the going rate. What’s involved? More...

VAT

Splitting a business to avoid VAT

Your spouse has a business which has been doing rather well of late. So much so that its turnover will soon exceed the VAT registration threshold. However, you don’t want to register it for VAT. How can you do this? More...

PROFIT EXTRACTION

How much is too much?

The Taxman won’t let businesses deduct excessive wages paid to the proprietor’s spouse. So how should you calculate the correct wage to keep on the best side of both your spouse and the Taxman? More...
Last updated: 18.10.2018

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