tax question

Discussion in 'Chit Chat & Introductions' started by abs, May 8, 2015.

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  1. abs

    abs Guru
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    right my wife has a good job and is the main earner in our house ,if I make my wife a 50/50 partner and 1 year I make no profit could she be taxed less from her job because of her business loss ?
     
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  2. In short. Yes.

    I did this a few years back. It's tricky. You carry the loss from one business over to the next year. You'll register as a partnership and get another gateway ID.
    Also, you need to purchase special software in order to complete a partnership tax return. It's only £20 or so but nobody tells you this until you try to file it.....
    I found it very confusing but if one business shows a negative profit(loss) of a few grand, then you're mad not to give it a go.

    Good luck!
     
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  3. abs

    abs Guru
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    Thanks for the info SPC I'll look into this a little more
     
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  4. abs

    abs Guru
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