Employ wife or go partnership?

Discussion in 'Managing Your Business' started by Diwrnach, Nov 8, 2015.

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  1. Diwrnach

    Diwrnach Grand Master
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    So my wife is going to start full time with me we plan around May next year, possibly before.

    We are pondering the pros and cons of me either employing her or joining the business as a partner, currently just sole trader.

    Anyone any insight to which way would be better tax wise etc?
     
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  2. Jake

    Jake Grand Master
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    That's brave, very brave, working with your wife ::o: :eek::eek::eek::eek::eek::eek:
     
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  3. Diwrnach

    Diwrnach Grand Master
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    She works with me regular as it is, been together since we were kids, my best mate :) looking forward to it :)
     
  4. till

    till Well-Known Member
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    Not 100%sure but if she is your partner in business you both have to complete a tax return. And another for the business. If you employ her its only one for your business. And she will pay tax and NI as you go along.
    Good luck

    Sent from my GT-I9195 using Tapatalk
     
  5. TolishAPurd

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    Get an accountant on it mate, that way he can go through your individual circumstances and tell you what's best.
     
  6. boarcity

    boarcity Guest

    if i was going to do that id employ her,on the books on a paltry wage- officially. in fact if shes parttime now i think id just carry on paying her the same , certainly below the tax limit.
     
  7. Diwrnach

    Diwrnach Grand Master
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    Paying her now? wtf? she doesn't get paid at all yet :p

    But this was kind of my thinking as well, though might be worth having a chat with an accountant like TolishAPurd says
     
  8. boarcity

    boarcity Guest

    youre right an accountant should know whats best tax wise, you might even qualify for tax credits!
    youve from now till May to lick her into shape,just about the right time, you want her fit as a fiddle right out of the box in May,

    a subscription at the local gym paid for by yours truly -[as a xmas gift?] may even be worth havin a word with the trainer on the sly , slip him a few quid make sure shes put thru the treadmill on the harder settings while getting heaps of praise by the reception
     
  9. Trev81

    Trev81 Guru
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    If you looking to grow once you get your wife onboard full-time why not look at going limited? You can be a majority shareholder if you like and your wife can also be a director (secretary) that plays a working role in the business. Also looks more professional as you progress? But maybe a question to ask your accountant.
     
  10. Adams0211

    Adams0211 Guru
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    That's a nice thing to say :inlove:
    I've been with my mrs since we were sixteen. I wouldn't have any problems with us working together if she didn't work but she's not the sort to get her hands dirty.
     
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