Paying family members
Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including
Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including
Waiver of dividends and remuneration Many companies are experiencing financial difficulties brought about by the coronavirus pandemic and there will be many instances where directors
Timing dividends right could help save tax Timing the date of a dividend payment from a company can determine both the amount and the due
Dividend complexities The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018.
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is
The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income,