I recently met with a client who wanted to set up his wife in business. He was a higher rate tax payer and suggested the business should be in her name.
However – the business was set to break even in its first year.
So we set it up in his name. He will employ his wife on £10,600 which she will receive tax-free. His business will then lose £10,600. He can offset this loss against his income. He will then get a refund of 40% of £10,600 which is £4,240.
This is smart and legal and this is what we do.
We have used our knowledge to save our clients many thousands of pounds by thinking about the job and structuring their business in the best way.
So if you know anybody who wants to pay less tax, please give them our number and we will give them a free hour of our time to explain what we can do.
What have they got to lose? An hour or a £4,240 refund?
If you’d like to find out how you can save tax, why not get in touch?
Phone 0113 391 9990.