Hello, my dp has his own little business. He works approx 24 hours a week. Over the last year I've also been working with him but not been paid (all money goes to the household pot anyhow) This year I want to be "official" so I am going to register as self employed and turn dps business into a partnership.
The way I understand it is as follows and I would like someone to point out if I've got something wrong.
So I've set up a joint bank account (just a normal one as we're not a big business)
All money collected will go into this account. We each draw a "wage" and any leftover mounts up? For example say we take £300 a week, we each take £100 wages and leave £100 in. How do we prove this to the housing benefit people? Do we write ourselves a wageslip? And at the minute all earnings are declared on dps tax return. When we come to do a tax return, do we just declare our wages? What about the money in the bank?
We have an invoice book, which is just one of those with carbon copy paper in. It has the business name stamped on the top - will this need to change so that our names are on it too? Is it easier to print invoice templates out then fill them in as we go? (We give customers an invoice as soon as we're done) but then we won't have a copy of what we've charged.
As I've been helping dp this last year, the income for next year will be the same, so will tax credits/hmrc think it dodgy that 2 people are now working but we're taking a similar amount?
We cannot afford an accountant so any advice is welcome (I've probably got more questions too but going to put the dc to bed)
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7 replies
LadyGardener2 · 26/01/2016 20:14
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