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Family Business Income Query
lucy_w86
Posts: 827 Forumite
My OH works for the family business where he is a shareholder and secretary. He takes no income from his job. He does have a second job where he is on a salary an pays tax and NI etc... When it comes to us filling out tax credit forms, do we have to mention about the family business even though he takes no income from it? Thank you.
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Comments
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Does he receive dividends? What happens to the profits, are they wholly reinvested?Gone ... or have I?0
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You would need to declare it but give the income as nil.Gone ... or have I?0
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Hi, it gets reinvested.
It is likely this would be treated as notional income. If you work for nothing, or less than the going rate for the job, TCO will treat you as if you earned the going rate. See:
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM04805.htm0 -
It is likely this would be treated as notional income. If you work for nothing, or less than the going rate for the job, TCO will treat you as if you earned the going rate. See:
http://www.hmrc.gov.uk/manuals/tctmanual/TCTM04805.htm
That link is for Tax Credits, not tax payable.
It's not the right area. I'd suspect it would have no impact, but I'm not a tax expert.0 -
Ok so I am still not sure. How could we find out?0
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If the above link was for tax credits, and you were enquiring about filling in tax credit forms.....why is the link not suitable?0
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AnxiousMum wrote: »If the above link was for tax credits, and you were enquiring about filling in tax credit forms.....why is the link not suitable?
But being a shareholder and secretary, is this classed as working for a company?0 -
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Oldernotwiser wrote: »Do you mean a company secretary or a secretary as in typing?
Company secretary0
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