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Advice: Wife taking over the business

Da11 · 2016-02-18 16:14:54

Hi Guys, Would need an advice on how to best handle this situation please. Wife is taking over the business from the husband(sole-trader). 1.They are jointly assessed, she has no income. 2.She is not an assessable spouse, so all the Income Tax returns go under husband's tax number at the moment.( He has PAYE Income as…

18-02-2016 4:14pm

#1

Da11

Registered Users, Registered Users 2 Posts: 61 ✭✭

Join Date: June 2009

Posts: 30

Hi Guys,

Would need an advice on how to best handle this situation please.

Wife is taking over the business from the husband(sole-trader).
1.They are jointly assessed, she has no income.
2.She is not an assessable spouse, so all the Income Tax returns go under husband's tax number at the moment.( He has PAYE Income as well),
3. All PRSI in relation to self-employed income is paid under his tax number.

So now when she is taking over the business should she be elected as an assessable spouse and register for Income Tax? And all the existing employees be given P45 and employed then under her tax number?
Or just tick that self-employed income was Spouse's when submitting next IT tax return?

What is most correct and straight way to do this?

Thank You

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