Helpful advice for tax savings

The tax burden is a reality we all must face, but we often find ourselves thinking: “Am I paying too much?”.
Whether you’re an entrepreneur, a self-employed professional, or an employee, knowing how to reduce your tax burden legally and strategically can make a big difference to your finances. Optimizing taxes doesn’t mean evading them, but making the best use of opportunities provided by law to keep more money in your pocket and reinvest it in your future. Knowing and applying the right strategies is essential to save money and achieve your financial goals. In this article, we want to start a kind of regular feature where each time we explore a practical tip for reducing taxes legitimately.

1. Pay family members

Involving family members in your business is not just a way to share the workload, but can also offer significant tax advantages. If your children, with a National Insurance number, or your spouse assist you in your work, you can hire them as employees and pay them a salary. This not only reduces your business’s taxable profits but also allows your loved ones to use their personal tax allowances. Even if they are not actively involved in the business, you can transfer company shares to them, allowing them to benefit from tax-free dividends. It’s a win-win strategy for both your family and your tax balance.

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