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Do love and business mix? ROB DURRANT-WALKER suggests that, with a little care, they can
KEY POINTS
- Spouse’s wages: Can they be justified?
- Partnership shares and the settlements legislation.
- Do not overlook partnership loss restrictions.
- Associated companies rules to be relaxed.
- VAT and NIC issues.
We often advise using a spouse’s unused personal allowances or lower rate bands by bringing them into a partnership (subject to any professional entry restrictions) paying a spouse’s wage (from a company or self employment) incorporation or strategies when each has their own trade.
There is no ‘one-size-fits-all’ solution of trading vehicles to best fit every case of husband and wife trading but this article considers some of the particular tax issues for spouses in business. Tax rates etc. refer to 2011/12 unless stated otherwise.
Prospective partners should also consider the potential impact of joint and several liability...
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