March 5th, 2013

My children are costing me a fortune in pocket money. Can I pay them through my business?

Paying your children through your business would allow you to get tax relief on the payment you make to them – saving you money.  Children are subject to income tax, just like everyone else, but they do have a personal allowance of £8,105 before any tax is payable.  There are a few things to consider though:-

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Managing Director

Jonathan trained as a chartered accountant with Price Waterhouse (now PWC) in Liverpool before becoming a small business services manager for Grant Thornton in Warrington. He also spent three years as the financial controller for Brookside and Hollyoaks (not that he ever mentions it!).

Jonathan is recognised as a specialist in the entertainment industry and is often called upon to provide training courses and seminars for media professionals. He's also a bit of a technology geek and has been recognised with the accountancy industry as one of the most progressive accountants in the UK.
Outside of work Jonathan is very proud to be the Treasurer of the Tim Parry Johnathan Ball Foundation for Peace and to be on the Council of the Liverpool Institute of Performing Arts (LIPA)

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