Taxislanduk

Can I pay a salary to a family member from my business?
There is no reason why a trader may not employ a family member to assist him in his business. For example, a self-employed husband may employ his wife to work in a full or part-time capacity. The wages paid to the spouse will be deductible expenses provided that:
1- The wages are actually paid and are not just a book entry.
2- The wife plays a part in the business.
3- The wages are not excessive in relation to the work undertaken.
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Tax Island (Accounting and Taxation Services)

Contact us for a 15-minute consultation

WhatsApp 07450 255505
Website http://bit.ly/2MiyTjH

Can I claim for expenses incurred before start trading?

Expenses incurred in the 7 years before commencement of trade are treated as incurred on the first day of trading. Such expenses will be deducted from profits in the first accounting period.

We at Tax Island offer a broad range of accountancy and taxation services. Contact us for a consultation.

Web: WWW.Taxisland.co.uk
WhatsApp: 07450 255505