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Salary requirements-Spouse works for me

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EMP99
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Salary requirements-Spouse works for me

Post by EMP99 » Mon Apr 08, 2024 8:59 pm

Hi all,

I am a sole director of a Ltd company and plan to take around £12500 in salaried income. My wife works for me (she is an employee and not a director) and will also take around £12500 in salaried income. Am I allowed to combine our incomes to satisfy the salary requirements for our FLR(M) early next year. Or do I have to rely on my income only, meaning I will have to take some dividends out to make up the £18600 requirement?

Thanks in advance.
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EMP99
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Re: Salary requirements-Spouse works for me

Post by EMP99 » Fri Apr 12, 2024 12:07 pm

Hi all,

Any help with the above please.

Thanks,
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Frontier Mole
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Re: Salary requirements-Spouse works for me

Post by Frontier Mole » Fri Apr 12, 2024 3:59 pm

If your wife is working for the company you own there are other considerations. You will need full accounts showing and the payslips and bank statements that you are formally paying salary to your spouse on a monthly basis. Your income will only be from the annual accounts so either dividends or formal pay from the net profit. Everything has to fit into the same financial year, so if you are paying her salary this year but not last year and your accounts are for last year it won't meet the criteria.

https://assets.publishing.service.gov.u ... rement.pdf

Page 63 onwards
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EMP99
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Re: Salary requirements-Spouse works for me

Post by EMP99 » Sun Apr 14, 2024 3:04 pm

Frontier Mole wrote: ↑
Fri Apr 12, 2024 3:59 pm
 If your wife is working for the company you own there are other considerations. You will need full accounts showing and the payslips and bank statements that you are formally paying salary to your spouse on a monthly basis. Your income will only be from the annual accounts so either dividends or formal pay from the net profit. Everything has to fit into the same financial year, so if you are paying her salary this year but not last year and your accounts are for last year it won't meet the criteria.

https://assets.publishing.service.gov.u ... rement.pdf

Page 63 onwards
Hi, thanks for that. This seems to make sense. My financial year ends December 2024 and we will be applying for FLR(M) in February 2025. So am I correct that they will take into account our combined income for December 2023-2024 to meet the income criteria. I am paying her a formal salary through PAYE as I am for myself too. I'd prefer to avoid taking dividends out currently, but will do so if I cannot use my wife's income as well as my income.
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Frontier Mole
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Re: Salary requirements-Spouse works for me

Post by Frontier Mole » Sun Apr 14, 2024 7:19 pm

You can use your joint income so you don’t need to take dividends.
Good forward planning, wishing you success when the time comes.
Taking dividends is normally a more tax efficient way of gathering income from a limited company but from what you are proposing you are keeping both salaries on or below the taxable limit.
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