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How to pay less tax

Business
Danny Cox, head of advice at Hargreaves Lansdown, offers his top tips to help practice owners secure their financial future

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? Minimise the family tax bill

Where possible, business income and personal financial affairs should be structured to use both spouse's tax breaks and allowances. Everyone is able to receive taxable income of £7,475 (2011/12) before income tax is paid and, at age 65, this rises to £9,940 (2011/12) due to the additional age-related allowance. Combine the two for a couple and the tax-free household income could be as high as £19,880 (2011/12). This is a tax break well worth planning in advance for. Please note that if an individual's taxable income exceeds £24,000, the age allowance is lost at a rate of £1 for every £2 income.

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