Wife working in my business - what records do I need to keep

[MikeFloutier]

Hi,

I am a self-employed private hire driver and I've just started my own business (sole trader). My wife is based at home (not working) but spends a couple of hours a day helping me in my business with customer relations and some book-keeping etc.

She's registered with the Revenue and NIC people as self-employed (working for me) but I am just wondering what I need to do in terms of record keeping to satisfy the Revenue.

Can anyone suggest what records I should keep, if any?

Many thanks.

Mike

[Punched]

Mike,

As long as your wife gives you an invoice for the hours she works, you just give them to your accountant at the end of the Year. Thats all you need to do your your part as your the boss, Your wife will need to register with the tax office as self employed, they will send her all the forms for the NI contributions etc.

As she's only doing a couple of hours daily, i don't really think she'll need an accountant herself, just needs to do a self assesment

Good Luck Mike

[Barry]

I would presume she would have to have the same records as you as you are both self employed.

Ta

Baz

[MikeFloutier]

Thanks Guys, much appreciate!

[James Smith]

you might be better of as a partnership if your wife has limited income.

Also make sure that if you pay her for work done, you really pay her. You cant write this in at a later date.

Now is a bad time to get help due to the self assessment deadlines, but if you have a chat to an accountant in Feb you should be able to get some basic advice as part of an initial consultation about how to best set this up.

NB this isn't intended as an advert, we don't deal with taxi accounts,

Regards,

[wood1e]

You might want to check whether your wife would be classed as self employed...Being she would only be working for you.... Have a look at this site http://www.direct.gov.uk/en/MoneyTax...Tax/DG_4015975