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Tax Breaks for Directors - Part 2 Director shareholders - 14. Tax-efficient salaries - 14.4. Family salaries - 14.4.1. How much can your company pay?
14.4.1. How much can your company pay?The company must pay at least the NMW or NLW rates to any family member who works for it. This is a minimum hourly rate that is set by law and monitored by HMRC. NMW ratesAge of workerRate per hour from 1 April 2020under 18£4.5518-20£6.4521 to 24£8.20NLW rateAge of workerRate per hour from 1 April 202025 and older£8.72In addition, the company must observe the strict rules and regulations for employing children aged under 16. These rules are monitored by the Local...Click here -
Tax Breaks for Directors - Part 2 Director shareholders - 22. Year-end planning for directors - 22.1. Why is timing important?
22.1. Why is timing important?Having decided on which tax breaks to use, the question is when to use them so they are most effective. Tax planning isn’t only about reducing your tax bill; timing is also an important factor. You’ll want to get your hands on your money as quickly as possible, while trying to legitimately delay the date you’ll have to pay tax on it. If you can delay tax it gives you the chance to make good use of the money until you need to hand it over to HMRC, e.g. by using it to reduce...Click here
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