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Setting up advice

  • 18-08-2008 8:03am
    #1
    titsonabull
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi,

    I’m setting up a business but I was wondering if it would be better to set it up in the wife’s name as

    From Revenue.ie

    Married Couple - one spouse with income €43,000 @ 20%, Balance @ 41% €44,400 @ 20%, Balance @ 41%

    Married Couple - both spouses with income €44,400 @ 20% (with an increase of €26,400 max), Balance @ 41%


    this would allow us to avail of another €26,400 @ 20%

    Have I got this right? Any advice would be appreciated.

    TOAB


Comments

  • #2
    CaraFawn
    Closed Accounts Posts: 314 ✭✭CaraFawn


    titsonabull wrote: »
    Hi,

    I’m setting up a business but I was wondering if it would be better to set it up in the wife’s name as

    From Revenue.ie

    Married Couple - one spouse with income €43,000 @ 20%, Balance @ 41% €44,400 @ 20%, Balance @ 41%

    Married Couple - both spouses with income €44,400 @ 20% (with an increase of €26,400 max), Balance @ 41%


    this would allow us to avail of another €26,400 @ 20%

    Have I got this right? Any advice would be appreciated.

    TOAB

    Both of you will be directors right?
    If that is the case, married couple in directorships, only one can have tax cutoffs.
    You can not cumulate both tax credits.
    P30 will be calculated with one spouse tax credits, while the other spouse will have no tax cutoffs, so 100% is taxable.

    Get an accountant, that will help

    HTH


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