Our team at KPN provides ongoing advice and support, ensuring your tax strategies are robust, compliant, and optimised for family and business success.
✦ Family & Children
At KPN, we recognise the tax-saving opportunities that can arise when employing family members or planning income and benefits for your spouse or children.
However, these strategies require careful implementation to ensure compliance with HMRC regulations and avoid unnecessary scrutiny.
Our tailored advice helps you maximise tax advantages while staying fully compliant.
Comprehensive financial reporting and analysis to ensure accurate, compliant, and insightful financial management.
Strategic tax planning and advisory services to optimise tax efficiency while ensuring full compliance with regulations.
Planning for business sales or retirement
PAYE and NICs must be applied under an employment contract.
Wages must reflect actual work performed, particularly for minor children, to avoid triggering settlements legislation that could reallocate income to parents.
Children under school-leaving age face restrictions on the type of work they can perform.
Consider whether to employ your spouse as an employee or create a partnership with them. This may reduce Employer NICs and eliminate benefit-in-kind charges for assets like vehicles.
Align their wages with personal allowances and other tax thresholds to maximise efficiency.
Employee benefits such as employer pension contributions, mobile phones, healthcare, and working-from-home allowances (£6 per week) can optimise family remuneration packages.
Evaluate child tax credits and working tax credits to ensure the household benefits fully while complying with regulations.
Our team at KPN provides ongoing advice and support, ensuring your tax strategies are robust, compliant, and optimised for family and business success.