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I work with my husband but he is a sole trader

  • 20-06-2010 10:20pm
    #1
    galwaygirl28
    Closed Accounts Posts: 1 ✭


    HI very curious as to know if I work jointly with my husband though the business is in his name as a sole trader, should i be an employee and pay tax and prsi or just draw down from the account, as his wife I dont know the best option? My accountant says it doesnt make a difference but I'm not sure especially as Im hoping to start a family and wonder about maternity benefits from the state and other such areas??
    Very confused, and new to all this


Comments

  • #2
    wishful thinker
    Closed Accounts Posts: 78 ✭✭wishful thinker


    galwaygirl28 wrote: »
    HI very curious as to know if I work jointly with my husband though the business is in his name as a sole trader, should i be an employee and pay tax and prsi or just draw down from the account, as his wife I dont know the best option? My accountant says it doesnt make a difference but I'm not sure especially as Im hoping to start a family and wonder about maternity benefits from the state and other such areas??
    Very confused, and new to all this

    By going as an EE of the business, you can extend the 20% Income tax threshold of your family to the limit of ~€72k. This would mean that PAYE/PRSI would be paid, however the advantage outways the cost if the level of income is over the 20% threshold - This is maybe why your accountant is saying that it makes no difference - if your taxable profits are 25k for example

    with regards to benefits - talk to social welfare, check out their website


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