Many business owners lose sight of the fact that employment taxation involves a great deal more than compliance. As well as dealing with annual expense and benefit reporting, much can be done in this area to benefit employees and owner-managers.
Share schemes, for example, are a proven way to incentivize or reward key employees. For owner-managers, tax legislation offers different liabilities from salary or dividend payments, both of which should be considered in remuneration planning.
Employing family members – where this is commercially justifiable – will permit them to draw salaries and receive benefits. Husbands, wives or civil partners working together in a new business can also benefit from greater tax efficiency.
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