How to reduce corporation tax liability and income tax liability of sole Director/shareholder
I have a potential client, who is the sole director/shareholder of a small limited company with high reveneue and few expense items to put through, except usual use of home, mobile, office costs. She hasn't yet drawn a salary or dividend. The director also receives £20k salary per year from another employment and so uses her personal allowance here.
She has a small child so we will put throught he maximum childcare costs £243 per month. There is limited travel at the moment, but this will pick up in the next couple of years.
My client has a SIPP into which she pays her full £20k salary per year.
Are there any expenses other alternatives in order to reduce the corporation tax/income tax liability?
My client has suggested transferring some of her shares to another shareholder, i.e. a family member?
Any advice would be appreciated.
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