Reduce your family’s tax bill
Many families across the country do not take advantage of tax planning opportunities available for their family as a whole. These results in the family’s tax bill being higher than it potentially could be.
For many owner managed businesses it is often the case that their spouse or partner helps them with general admin tasks, such as dealing with the post answering telephone calls and much more besides.
If this is the case, then why not make it a more formal arrangement and take advantage of your spouse’s tax free allowances or lower tax rates and save on your family’s tax bill.
Take David, he came to us in a similar situation. His wife was stays at home mum, but helped him answer telephone calls and book in appointments whilst he was out with other customers. We formalised this arrangement and made her an employee of the business. This saved David over £3,000 in tax and national insurance contributions.
If you would like to do the same, please contact us for your free consultation.