Statutory Maternity Pay
I (director) and my spouse (secretary) are contracting using a limited company. Currently I hold 70% shares and my wife holds 30%.
We are expecting a child and my wife will stop contracting at the end of March 2008. After that I intend to be 100% shareholder.
1. I intend to declare a dividend in April 2008 to pay my wife dividend and change the shareholding to 100% in following month. Is that ok ?
2. Will it be possible for my company to provide Statutory Maternity Pay to my wife ? If yes, what needs to be done to do that?
If not, my wife would terminate her employment (and claim Maternity allowance) and I would need to appoint another company to act as secretary ?
Can anybody advise what are the charges / implications of appointing another company as a secretary.
I'd truly appreciate your advise. Thank you.
Regards,
Leo
We are expecting a child and my wife will stop contracting at the end of March 2008. After that I intend to be 100% shareholder.
1. I intend to declare a dividend in April 2008 to pay my wife dividend and change the shareholding to 100% in following month. Is that ok ?
2. Will it be possible for my company to provide Statutory Maternity Pay to my wife ? If yes, what needs to be done to do that?
If not, my wife would terminate her employment (and claim Maternity allowance) and I would need to appoint another company to act as secretary ?
Can anybody advise what are the charges / implications of appointing another company as a secretary.
I'd truly appreciate your advise. Thank you.
Regards,
Leo
