Ofsetting partner's losses against my earnings

heretolearn_2

No offence but how does a copywriter manage to make a loss? Be very careful you aren't declaring a loss when actually there isn't one. If he is taking ANY income at all from it, that isn't an expense, it's his drawings and it is coming from profit.

I worked as a freelance copywriter for 3 years a few years ago and my expenses were easily covered by a single day's work each month - used room at home, I had a business tel. line, I had a cheap website and email, there was a small amount of travel, but that's it. I find it hard to believe there's a genuine loss there, if there is, then maybe he needs to look at another line of business to be honest.

If he is struggling to make a profit, at least give up the 'business premises'. Not necessary at all, I can't think of any other freelance copywriter I know who hires an office space, everyone works from home.

music112

Hi, being a bit thick but doing SA at the moment & April '09 to Apr 10 after biz expenses such as stock, postage etc I have made only a few hundred £'s & have not taken a single penny in wages / am I correctly reading that I can offset against husbands tax, which would be fantastic if true as I have been using our joint bank a/c without actually contributing
Any advice will be great & appreciated
xx

no-oneknowsme

music112 wrote: »

Hi, being a bit thick but doing SA at the moment & April '09 to Apr 10 after biz expenses such as stock, postage etc I have made only a few hundred £'s & have not taken a single penny in wages / am I correctly reading that I can offset against husbands tax, which would be fantastic if true as I have been using our joint bank a/c without actually contributing
Any advice will be great & appreciated
xx

Your business is making a profit , all be it a small profit though?

The poster above is running their business at a loss for the past few years , hence why they have been able to offset.

music112

Thank you for replying nooneknowsme (love the name, reminds me of v for vendetta) my thoughts are I make a few hundred "profit" / £269.00 in fact ? in a year, which is way below min wage no matter how you look at it & yes I would love to make more & pay myself a salary & contribute tax to the pot as I do believe in a social fund / I was made redundant & for various reasons I doubt I will be considered as an employee any time soon / The husband is incredibly supportive in my endeavour to get a biz off the ground but I feel like !!!! to be frank. He is is paying close to 30k a year in tax & NI but we don't have children so get sweet FA from the system & yes, before anyone gives a lecture of the gross salary "must be loads" it isn't when you have a mortgage etc, plus we are overdrawn & yet the tax people add on a £90.00 deduction for savings interest you may accrue but you don't quibble it because of the "going through customs" mentality. I may sound really callous but to be honest I dont see the point in being married in this country, esp without sprogs. Apologies for the rant but I worked my !!! off & get sweet FA, do not understand the logic?

no-oneknowsme

Your Husband pays £30k of tax per year....is that a typo ?

Surely thats not possible ?

AnxiousMum

If your husband is earning enough to be paying £30K in tax in a year, he needs to be on the lookout for a better accountant

no-oneknowsme

Just out of curiousity and incase the figure of 30k wasnt a typo....what kind of yearly salary would someone be on to have to pay that amount of tax ?

music112

Yes, on 69.100 he pay's that much with tax & NI. It is crazy in the UK

no-oneknowsme

music112 wrote: »

Yes, on 69.100 he pay's that much with tax & NI. It is crazy in the UK

Oh...For some reason I imagined it would be much more....

Even so.....I still want his job:D

music112

You honestly don't. complete stress fest & for what? After tax, THEN council tax. emigration seems to be the answer. The UK is fcucked