Forum
Company Secretary
4thdesign
Messages count : 1
Likes count : 0
Registration :
27 December 2007
I have incorporated my company but I have a question:
My partner works full time as a bank manager, but I have her named as the company secretary.......Is there any legal/tax implications with this? I wont be paying her a wage :laugh2 so to speak, so I was wondering whether there would be any problems here at all? Any pitfalls or something I have missed that may cause an issue with her employers?
Thanks for your help 🙂
My partner works full time as a bank manager, but I have her named as the company secretary.......Is there any legal/tax implications with this? I wont be paying her a wage :laugh2 so to speak, so I was wondering whether there would be any problems here at all? Any pitfalls or something I have missed that may cause an issue with her employers?
Thanks for your help 🙂
- Contact in PM
MickeyFinn
Messages count : 120Likes count : 0Registration : 30 October 2006No salary and no shares means no tax or monetary implications.
You can be your own company secretary these days don't forget! - Contact in PM
timhoward
Messages count : 3Likes count : 0Registration : 19 November 2007However.....
you may want to give her a small salary and dividends to get round paying the higher tax bracket on all your net profit. then she can just give you the money back.
look into income splitting to get around paying loadsa tax - Contact in PM
Ardesco
Messages count : 18Likes count : 0Registration : 8 January 2007I wouldn't reccomend doing it after this financial year. They are bringing in new income splitting legislation and if your partner does not bring in a substancial amount of income into your company HMRC will class any funds paid to her as your tax liability and tax you accordingly.
I don't belive there are any plans to backdate this legislation, but they have previously passed legislation that means they can backdate any changes in tax legislation to 2004. Nu Liemore, screwing the freelancer since 1997....
Secondly from next financial year you won't need a Co Secretary any more.
Generally speaking don't bother getting her involved. If she is a bank manager she probably earns up to the higher rate cutoff anyway so there is not tax advantage. Secondly if she is not your wife it is a really bad idea to involve her in your company, if you ever split it could cause all sorts of hassle (The same could be said if she is your wife as well, but if you are married to her you'll have problems anyway if you ever split).