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Self Employed - Retirement Benefits
SeniorSam
Posts: 1,674
Forumite
Help wanted please regarding self employed .......
I'm self employed, higher rate taxpayer due to retire next few months and have one employee (wife) as secretary - on £9,000pa. and wanting to maximise our benefits
Would it be beneficial, tax efficient and legal for me, as employer to make a payment into my wife's personal pension before packing up?
Would it also be beneficial and tax efficient to make her redundant before I stop working to reduce own profit/tax ?
Don't know if there are limits and what these would be if appropriate and any guidance would be appreciated if not too technical.
Thanks
Sam
I'm self employed, higher rate taxpayer due to retire next few months and have one employee (wife) as secretary - on £9,000pa. and wanting to maximise our benefits
Would it be beneficial, tax efficient and legal for me, as employer to make a payment into my wife's personal pension before packing up?
Would it also be beneficial and tax efficient to make her redundant before I stop working to reduce own profit/tax ?
Don't know if there are limits and what these would be if appropriate and any guidance would be appreciated if not too technical.
Thanks
Sam
I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.
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