Replies to Queries - 4

My wife and I are in partnership in the business of lecturing for various different organisers and writing for various publications. The annual turnover is approximately £40 000 with expenses of about £10 000. I also earn approximately £13 000 from a firm where I am a consultant under pay-as-you-earn (this cannot be changed). We are both in our early 70s and therefore suffer no National Insurance contributions. We draw a relatively small amount of personal pensions but this will change soon when I reach 75.

The trend to incorporate seems attractive nowadays even for relatively small incomes. What would readers recommend? Currently I do not charge VAT (on two separate sources of income). This presumably will not change if we incorporate.

(Query T16 095) - Can't Rest.

To deal with the VAT aspect first the current...