How To Pay Children Through a UK Limited Company - Rules & Benefits

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Dive into our insightful guide on how to legally and effectively pay your children through your UK Limited Company in 2023. This video is designed for business owners and parents who are considering employing their children in their company and want to understand the legal framework, tax implications, and benefits.

We'll cover:

Legal Requirements: Understanding the UK government's regulations on child employment (https://www.gov.uk/child-employment/p..., including age restrictions, permitted hours, and job types.
Tax Implications: How employing your child affects both the company's and the child's tax situation. Key considerations include National Insurance contributions, income tax thresholds, and leveraging personal allowances.
Practical Steps: Setting up payroll for your child, issuing payslips, and ensuring compliance with HMRC requirements.
Financial Benefits: How paying your child through your company can be a tax-efficient way to manage family income, with real-life examples for clarity.
Potential Pitfalls: Common mistakes to avoid and how to ensure that the arrangement is both legal and beneficial.
Case Studies:

Example 1: A 16-year-old employed part-time in a family-run retail business.
Example 2: A 15-year-old working weekends in a parent’s consultancy firm.
This video is essential for any UK Limited Company owner considering employing their child. Get informed about the legalities, benefits, and best practices to make the most out of this opportunity!