tax question

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 ?

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!

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

http://www.andica.com/andica_sa800_partnership_software.html

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Brill thanks /emoticons/wink.png