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Self Employed And Paying Wife For Work
Comments
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Mike,
On a practical level it is unlikely that HMRC will insist that a PAYE scheme is opened as no tax will be due ..........
Terry ....... thanks, but I do realise that. But my main thrust is that the OP still seems to regard 'self employed' as being a potential. When it is not.
Whether HMRC opens a PAYE scheme or not is relatively academic to the initial (and subsequent) post. But they should do so - as the 'other' employment may push the wife over the threshold for tax.If you want to test the depth of the water .........don't use both feet !0 -
Self-employment is a non-starter for the wife, I agree Mike. Assuming that the combined earnings do not exceed the personal allowance, smashing, but if not then there is little alternative but to open a PAYE scheme, but,again, this is hardly a mountain to climb."If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
Hi everyone,
I pay high rate tax in my full time job and earn money each month as a self employed consultant for a friends business.
To reduce tax could I get my partner, who is a housewife on no income, to invoice me for work I could get her to do?
My point is the extra income is not much and 40% of it going in tax makes it hardly worthwhile at this stage. If my partner could do some of it and reduce my profit / tax then it's more worthwhile.
Would I just pay her cash and keep copies of her invoices for my tax records?
Thanks in advance.It's far better to be penny wise than pound foolish.
:beer:0 -
Hi everyone,
I pay high rate tax in my full time job and earn money each month as a self employed consultant for a friends business.
To reduce tax could I get my partner, who is a housewife on no income, to invoice me for work I could get her to do?
My point is the extra income is not much and 40% of it going in tax makes it hardly worthwhile at this stage. If my partner could do some of it and reduce my profit / tax then it's more worthwhile.
Would I just pay her cash and keep copies of her invoices for my tax records?
Thanks in advance.
Far better to post your own thread - life becomes difficult with several topics going at once on the same thread.
bw."If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0
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