Wife taking over business

kev_uxl

I am currently employed full time and part time self employed.

I have been running my small business for just over a year now, but i`m ever-more needed in my full-time job.

How do i go about change my business, tax etc... into my wifes name, who would then take over running it and doing all jobs.

cheers

fengirl_2

You notifyHMRC that you have ceased self employment so that you stop paying class 2, You will draw up final accounts and mak your final self assessment in due course.
Your wife registers as self employed within 3 months of taking over the business.

kev_uxl

fengirl wrote: »

You notifyHMRC that you have ceased self employment so that you stop paying class 2, You will draw up final accounts and mak your final self assessment in due course.
Your wife registers as self employed within 3 months of taking over the business.

many thanks , can she still use my business name??? or would she have to change it?

hopon

Depending on circumstances and what the self employment involves there may be scope to incorporate it, selling the goodwill to the company which can then claim capital allowances against it - minimising the future tax bills.

hopon

kev_uxl wrote: »

many thanks , can she still use my business name??? or would she have to change it?

She can use the same one.

ceeforcat

If it were me I would bring your wife in as a partner with you receiving, say, 10% of profits. There may be an opportunity to save some Class IV National Insurance in that scenario (two Nil bands as opposed to one). Also answers your other question regarding the business name.