Jointly assessed for tax. Wife thinking of a start up.

Hi all,

I going to speak to my local enterprise board about this but not sure how much they can help us regarding the tax side.
My wife is currently a homemaker and has no income, we are jointly assessed for tax.
Now that one of the kids has started school she has a bit more time on her hands and has a pretty decent idea for a home business. She has had a large amount of interest but for argument sake lets say she hopes to turn over 10K a year, 5K of which is profit.
She is going to form a limited company as we don't want to carry any risk from her business.
I was hoping we could continue with the current tax setup and she could submit a Form 11 in Oct '15 but I'm not sure this is possible once she has set up her company and has to return a set of accounts to the CRO every year.
Has anyone else been in a similar situation. I'm going to also take professional advice on this once I find a suitable accountant in Cork but I would like to be as up to speed as possible before this.
Thanks,
BP.

Risk is a relative term. For a turnover of €10k the costs of operating the company may not be worth it. Lets assume you do it anyway. A company is separate legally from owners as you know. It files Annual Return with abridged accounts and my be unaudited; VAT returns; CT Returns; P30s and P35s.

You as individual say Director - most of what you will take out of company is taxable as an employee and company will issue a P60 which you will or wife will file as part of your income tax return.

Thats it in a nutshell i.e separation of business from you or wife.