Increase Your Income With Spouses Pensions
If you do not already you should consider employing your spouse and possibly offering a spouses pension.
For example - Roger Smith, runs his own business and pays himself £60,000 pa, his wife works for him but with no formal pay structure in place.
His net take home pay is £41,611 (allowing for personal allowance and National Insurance contributions).
If Roger were to put a formal pay structure in for his spouse and pay her £5,044 pa (just below the National Insurance threshold) and paid £2,000 p.a. into an executive pension arrangement for her the following would result:
The total increase in income is £890.84 plus the Pension Fund £2,000.00. An improvement of nearly £3,000!