Tax and working with husband / partners
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  1. #1
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    Default Tax and working with husband / partners

    Hi I need some advice please
    My husband has been working with me for the past year part time
    How do I put him through my books ?
    He is registered self employed too.
    Also do I need to let the tax people know he is working with me ?
    It's all a bit of a mess and I am getting worried
    Any help would be great
    Thank in advance xxx
    Debra x (kyddcare.com)

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    Do you mean as a registered assistant?
    Do you pay him a wage? Are you his employer?
    I would be seeking proper advise from an accountant, at least for the first year so you know how to set things out.

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    He's registered with me
    We pool all the money together
    Debra x (kyddcare.com)

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    It will depend on the status of your business. There are a few different ways to do this, but most commonly you'd either be:
    • One of you runs the business and pays the other as an employee
    • OR Your business is run as a 'partnership'


    For once, this is a case where I'd suggest you check with an accountant to see how things stand, what would be best and if you should change.

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    We were told that we had to register as a partnership.

    We have £xx income for the business - then expenses each shared between us depending on what we have spent.

    It's really worrying me because I've never done it before but I've spent a lot of time on it and it looks right!

  6. #6
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    Quote Originally Posted by debratina View Post
    Hi I need some advice please
    My husband has been working with me for the past year part time
    How do I put him through my books ?
    He is registered self employed too.
    Also do I need to let the tax people know he is working with me ?
    It's all a bit of a mess and I am getting worried
    Any help would be great
    Thank in advance xxx
    Definetely seek an accountant's advice on this and also ring HMRC!

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    It is easily sorted.

    Up until the end of your last tax year I would get him to invoice you and then you have those records as your exepenses.

    Register online now as a partnership - again easy to do.

    I did this with my husband a while ago and then at the end of the tax year I gave all the completed accounts to an accountant and he did the returns. Partnership returns need doing by 31st July and the software would cost me anyway

    Don't worry it can be resolved quickly and easily.

    If you are unsure instead of getting an accountant call the HMRC
    Debbie

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    To register as a partnership do you just literally notify HMRC? Can you do it online or do you have to call them?

    My accountant said better to employ my husband but Im really not sure .... they said if he was paid less than £7K per annum then I wouldnt be liable for NI contributions etc....

    My logic was if it was a partnership then just split down the middle any profit and take it off our tax allowances, then pay tax on the remainder - would I be correct on this please?

 

 

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