That, in itself, is no bad thing since business owners and the
self-employed will soon realise that overpaying their tax needlessly
eats into their profits. However, with some effort that tax bill can be
reduced and the extra money used to develop the business.... Click here
for Tax Advisor and Small Business Accountants
Find an accountant – and pay less tax
The easiest way to find out how to pay less tax is to find an accountant you can trust and here at Yorkshire Accountancy we have the necessary experience to save you ££££s.
The easiest way pay less tax is to spread any potential income tax payments among family members. This is easily done by employing your partner for instant and using their personal allowance, as well as yours.
The tax threshold for 2013/14 is £9,440, and this looks set to rise to £10,000 next year.
With the basic rate for income tax set at 20% you could employ your partner to do your books, invoicing and administration for your business.
Obviously, you have to pay National Insurance on that amount unless they earn less than £149 per week currently, then no NIC is due (though you should be aware that this rate of pay will exclude access to certain state benefits).
It’s also important to note that your paperwork should reflect the employment status of your partner or family member within your business and you will have to follow relevant legislation.
Find an accountant – and pay less tax
The easiest way to find out how to pay less tax is to find an accountant you can trust and here at Yorkshire Accountancy we have the necessary experience to save you ££££s.
The easiest way pay less tax is to spread any potential income tax payments among family members. This is easily done by employing your partner for instant and using their personal allowance, as well as yours.
The tax threshold for 2013/14 is £9,440, and this looks set to rise to £10,000 next year.
With the basic rate for income tax set at 20% you could employ your partner to do your books, invoicing and administration for your business.
Obviously, you have to pay National Insurance on that amount unless they earn less than £149 per week currently, then no NIC is due (though you should be aware that this rate of pay will exclude access to certain state benefits).
It’s also important to note that your paperwork should reflect the employment status of your partner or family member within your business and you will have to follow relevant legislation.
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