I have plenty of free time and therefore the oppertunity to earn a second income by doing some agency work. However I am currently in the higher tax band of 40% so any agency work would be harshly taxed. My wife doesn't work and doesn't pay tax. Could I work but my wife accept the wages and only pay the lower band of tax?
chris duggins
One Response
Conact your accountant
Chris,
I would guess there is a way by you setting up a limited company and working through that with you and your wife as share holders. Then she will draw a minimal salary and dividend. You may also be able to draw a dividend.
Please note this is not any sort of advice and I could be totally wrong here or there may be pitfalls for you mgiven circumsances. All I would suggest is you discuss this with an accountant. Most accountants will give you an hours pre-sales consultation FOC – yes FREE OF CHARGE.
Hope that helps.
Regards,
Phil Vale.