8th June 2018 Posted by - Alexander Accountancy
Would you like to increase your tax free income and reduce business tax? The majority of self-employed individuals and directors of family owned limited companies would like to maximise their income from the profits that their business generates. Operating a company payroll is one way to help you achieve this goal.
There is not enough time to fit in the day job as well as administration such as invoicing customers, paying suppliers and sorting out problems. Often a spouse, partner or children help with the running of a family business by completing these extra tasks. In most cases this work is unpaid.
Paying family members over the age of thirteen for the work they do, using the tax free personal allowance available, will increase tax free income. By taking income in this way it lowers the company’s profits, which reduces the tax liability resulting in a win/win situation.
Alexander Accountancy provides a comprehensive tax planning service which helps people increase their income and reduce their tax liability. For further advice about this and setting up a company payroll, call us now on Burton upon Trent 01283 743851 or email firstname.lastname@example.org and see how we can help you.