Sole trader to partnership?
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Cheesynose
Posts: 1 Newbie
Hi all
Wondering if anyone can help. I'm a sole trader - income approaching the amount where I will have to pay VAT - but have decided to stop short as dont want hassle of becoming VAT registered.
I am however looking for ways to pay less tax. My wife has recently given up work to look after kids - was thinking we could become a partnership as she helps with paperwork and some of my clients. Then we could split the profit and each pay only 20% rather than 40%....
Anyone have any advice on whether this would be a good decision or if it's an easy thing to do?
Wondering if anyone can help. I'm a sole trader - income approaching the amount where I will have to pay VAT - but have decided to stop short as dont want hassle of becoming VAT registered.
I am however looking for ways to pay less tax. My wife has recently given up work to look after kids - was thinking we could become a partnership as she helps with paperwork and some of my clients. Then we could split the profit and each pay only 20% rather than 40%....
Anyone have any advice on whether this would be a good decision or if it's an easy thing to do?
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