Jump to content
Sign in to follow this  
Guest abs

tax question

Recommended Posts

Guest abs

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 ?

Share this post


Link to post
Guest SolarPanelCleaning

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!

Share this post


Link to post
Guest abs
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!

Thanks for the info @SPC I'll look into this a little more

Share this post


Link to post

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.