Hi All
First post so be gentle with me...............
I run a ltd company with shares and divis split 50:50 with my wife.
My son works full time doing a normal PAYE job, but has landed some freelance work as well. It will probably only be for a few months, and will gross around £6k + vat.
We want to bill for the work through my ltd company, but wonder what is the best way to pay him, as he already has a full time job.
He could register as self employed ( sole trader ) and I could pay him from company, then he could catch up the tax on his Self Assesment.
Or is there a way of paying him a special dividend for the work, to take advantage of the £5k dividend allowance ?
Could I issue him with a different class of share that would allow this ?
Can I just re-iterate that this is a real contract for real work he will be doing.
Thanks in advance
Martin
First post so be gentle with me...............
I run a ltd company with shares and divis split 50:50 with my wife.
My son works full time doing a normal PAYE job, but has landed some freelance work as well. It will probably only be for a few months, and will gross around £6k + vat.
We want to bill for the work through my ltd company, but wonder what is the best way to pay him, as he already has a full time job.
He could register as self employed ( sole trader ) and I could pay him from company, then he could catch up the tax on his Self Assesment.
Or is there a way of paying him a special dividend for the work, to take advantage of the £5k dividend allowance ?
Could I issue him with a different class of share that would allow this ?
Can I just re-iterate that this is a real contract for real work he will be doing.
Thanks in advance
Martin
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