Self employed tax advice for a couple

highland74

Hi
Both myself and my partner are self employed (seperate industries) and its our first time doing self assessment at the end of the month (Jan09) - my partner hasnt made much this year, so will most likely not pay any tax, but I have.

However the question Im wondering about is I have given my partner money (approx £1-2k) to help support her business throughout the year. Is there any way this can be taken into account when paying my taxes?
She has done some work for me occasionally, so is it possible to count the money given as wages?
Ive not yet registered to employ someone myself (which Ive been told you need to do for this) - or is there any other simpler way, ie given that we're partners and living together although we are seperately self-employed can this be taken into account?

Id appreciate any help, need to pay at the end of the month and Im going to be short!

full-time-mum

highland74 wrote: »

Hi
Both myself and my partner are self employed (seperate industries) and its our first time doing self assessment at the end of the month (Jan09) - my partner hasnt made much this year, so will most likely not pay any tax, but I have.

However the question Im wondering about is I have given my partner money (approx £1-2k) to help support her business throughout the year. Is there any way this can be taken into account when paying my taxes?
She has done some work for me occasionally, so is it possible to count the money given as wages?
Ive not yet registered to employ someone myself (which Ive been told you need to do for this) - or is there any other simpler way, ie given that we're partners and living together although we are seperately self-employed can this be taken into account?

Id appreciate any help, need to pay at the end of the month and Im going to be short!

I registered as self-employed a couple of years ago when I was doing some mystery shopping. I don't have experience of you particular problem so can't help with that but I did a free 1/2 day course run by the tax office which was really helpful - everything from what you can and can't claim to how to set up a spreadsheet in a format to make filling in your form easier
.
I'm sure that we were told that we could go in and get advice when we came to fill out our first form. It might be worth giving them a ring and seeing what is available.

Good Luck - my first form took me ages but my second was much easier and quicker as I'd already ironed out all my problems the previous year.

HelzBelz

The easiest way would be for her to invoice you for the amount you have given her "for the work", it would then be counted into her earnings and be a deduction from your profit.