My wife and I are thinking of setting up a business as co-directors running from our home. We will both work in the business although it will be mostly based around her profession (psychologist) and so she will be the core-value service-provider with myself adding some complementary services and looking after promo/admin etc. Separately, I plan to do some consultancy in my own field (digital/content) but limited to part-time or occasional commissions. We each have 30yr careers behind us and have no debts so not looking to work around the clock and will want to take time out now and again etc.
before engaging an accountant (don't have one!) or solicitor I'd like to be thinking about some default arrangement and my questions are:
- is there a downside to running all work through the one limited private company - I could have neutral looking stationary/business card etc. for my sideline.? If it's not economically silly I'd have a preference for just keeping one set of accounts etc.
- how flexible can we be in terms of paying ourselves salaries ... quite honestly we could have months of next to nothing coming through .... can we extract variable wages as needed.
Thanks for any advice or food for thought...
before engaging an accountant (don't have one!) or solicitor I'd like to be thinking about some default arrangement and my questions are:
- is there a downside to running all work through the one limited private company - I could have neutral looking stationary/business card etc. for my sideline.? If it's not economically silly I'd have a preference for just keeping one set of accounts etc.
- how flexible can we be in terms of paying ourselves salaries ... quite honestly we could have months of next to nothing coming through .... can we extract variable wages as needed.
Thanks for any advice or food for thought...