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Tax Breaks for Directors - Part 2 Director shareholders - 14. Tax-efficient salaries - 14.4. Family salaries
14.4. Family salariesAnother way to extract profit from your company and reduce its corporation tax (CT) bill is for it to pay a salary to a member of your family. Indeed, when you start as a director with just a high salary and no dividend, it might be possible to also pay a member of your family. Where, without the salary from your company they would pay no tax or pay it at a lower rate than you, this reduces the overall tax bill. It can also reduce the overall NI cost. However, the amount you pay the family...Click here -
Tax Breaks for Directors - Part 1 Directors only - 3. Your salary - 3.2. Directors’ salary and the NMW and NLW
3.2. Directors’ salary and the NMW and NLWIn principle, directors can take as much salary as they want. There’s no official cap, however there is the NMW or NLW to consider. In April 2016 the NLW replaced the NMW for employees aged 25 and over. These rules apply to directors where, for purposes of the NMW and NLW legislation, they are treated as an employed worker, but not if the only duties you perform are those of a company director or company secretary. Tax break The Department for Business, Energy...Click here -
Slash Your Tax for Small Businesses - 5. Taking the profits out of the company tax efficiently - 5.2. Salaries and bonuses - 5.2.1. Should I pay myself a salary or bonus?
5.2.1. Should I pay myself a salary or bonus?Yes. Unless you’re receiving income from elsewhere there are definite advantages to paying some level of salary. The only question is how much?Click here
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