We currently have a ltd company (making over £100k profit) and we are looking to open a second venture.
I currently earn £50k so keeping in basic tax (minimum salary + dividends @ 7.5%). My partner just takes a minimum £8784 salary to stay under income and NI threshold. So this gives us a joint income of £58,784.
I beleive that if my partner becomes a shareholder and earns dividends out of our current company, we will have to share the dividend amount so its not hugely beneficial to us (other than earning the 2k dividend allowance).
My question is: If we open this second ltd company idea, with my partner being the sole or main shareholder, will this allow her to be paid the 35k (ish) dividend (@7.5%) (giving her an income of £50k like me without going into higher rate tax). Which would make our joint income £100k, instead of £58k.
I hope I've explained well enough what I'm trying to acheive. We want to increase our joint income amount which a singular ltd company doesn't allow us to do without us going into the higher rate income tax band.
Thanks for your help.