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Employ wife or go partnership?

Diwrnach

Well-known member
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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?

 
She works with me regular as it is, been together since we were kids, my best mate /emoticons/smile.png looking forward to it /emoticons/smile.png

 
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

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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.

 
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.

 
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.
Paying her now? wtf? she doesn't get paid at all yet /emoticons/tongue.png

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

 
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

 
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.

 
She works with me regular as it is, been together since we were kids, my best mate /emoticons/smile.png looking forward to it /emoticons/smile.png
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.

 
sounds good mate, a winning situation, trust and a good worker, a a strong team, keeping the profits in the family

I think if I tried it the divorce lawyer would get the profits

 
She works with me regular as it is, been together since we were kids, my best mate /emoticons/smile.png looking forward to it /emoticons/smile.png
Been with my wife since school as well, but no way would we work together...

She's way too 'girly' to do anything like window cleaning anyway... Which is a good thing to me,

Fair play to you that can have your wife working with you!!

 
Been with my wife since school as well, but no way would we work together...
She's way too 'girly' to do anything like window cleaning anyway... Which is a good thing to me,

Fair play to you that can have your wife working with you!!
My wife isn't a girly girl if that makes sense. She doesn't mind getting her hands dirty /emoticons/smile.png

 
Go Ltd, both you and Mrs as 50/50 directors of the company, pay yourselves minimum wage and take the rest of the profits in dividends you will pay less tax.

As I keep on saying TALK TO AN ACCOUNTANT my accountant saves me more in taxes than he costs me in expenses so that's a winner and I don't have to do any paperwork.

 
@Diwrnach accountant is defo way to go but all the me & Mrs partnerships I know would not go down this route as your wife can be a partner in the business and earn £1 a year for her time,

On another note you can give a relative a cash gift of up to £18k "ish" (accountant will no) a year tax free :whistle:

 

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