Self Emoloyed info for Accountants

Ollo92

I am self employed, and have just become limited, but am a small business, I went to the accountant and they asked my wife's salary details and her spenditure, she is no way connected to the company and has her own job with city council, do I still need to give her information to the accountant?

Savvy_Sue

On one level you don't need to share any information about your wife's situation, however it's a reasonable question to ask. Presumably you'd like to save as much tax as you legally can, and the accountant may have some sensible suggestions to achieve this which involve your wife as well.

nomunnofun

Ollo92 wrote: »

I am self employed, and have just become limited, but am a small business, I went to the accountant and they asked my wife's salary details and her spenditure, she is no way connected to the company and has her own job with city council, do I still need to give her information to the accountant?

One thing that you should know though - the second that you became limited is the second that you were no longer self-employed.

fguk

I don't know what spenditure is (expenditure?) , and I don't know how that is relevant to your business. Certainly making her a director, giving her some duties for the company, and allowing her to take a dividend from the company can be tax efficient, and to know if that's a good idea, they would need to know your wifes earnings.

Mistral001

Your accountant presumeably is filling in your self-assessment form so that your tax can be worked out. That is why you are being asked all those questions.

If for any reason you think that your accountant will not maintain confidentiality then report them to their professional body and change your accountant.

Is there any way that you can fill it in yourself and just get your accountant to give you your profit?

Kayalana99

Tax and self assessment forms have nothing to do with the wife.

As above, accountant is probally only trying to work in best interest of yourself by finding out your situation (for tax relief purposes later on no doubt)

If your not comfortable with it I am sure a phone call to accoutant saying you don't wish to bring your wife into it would be fine.

Pennywise

The accountant is trying to be pro-active. Time and time again, people complain that accountant's aren't pro-active, so this looks to be a good sign! Just trying to avoid the almost inevitable conversation in a few years time when the client starts whingeing at the accountant for not telling him about how involving his wife with his business/assets could have saved him thousands once he's heard about it in the pub!

colino

You do realise the accountant works for you? He will no doubt be checking the possibilities of maximising your profit retention and reducing your tax liabilities.

anamenottaken

Do ask your wife whether she wants to be involved with this private limited company and for her personal details to be passed to your accountant.