Allocate Income to spouse

M

mmge

Guest
I'm preparing my form 11 tax return for 2009.

I have both PAYE and self employed income which brings me above the €45400 income tax threshold (total c. €65k). My wife is a homemaker.

My question please - can I allocate part of my self employed (consultancy) income to my wife to avail of a higher IT threshold at the standard rate. I understand that I could employ my wife but I'm not currently registered as an employer and even if I registered now, presumably it wouldn't help my situation re the 2009 return. I understand that I could also form a partnership but again I presume that any registration couldn't be backdated to cover 2009.

Is there any way of just allocating part of the self employed income to my wife on the basis that she assisted me in my consultancy practice and is therefore entitled to part of the profits (without either being registered as an employee or as a partner is a registered partnership) - both options for the future but not, I assume, options at this stage for 2009?

Any advice greatly appreciated

mmge

Thanks

mmge
 
mmge said:
I'm preparing my form 11 tax return for 2009.

I have both PAYE and self employed income which brings me above the €45400 income tax threshold (total c. €65k). My wife is a homemaker.

My question please - can I allocate part of my self employed (consultancy) income to my wife to avail of a higher IT threshold at the standard rate. I understand that I could employ my wife but I'm not currently registered as an employer and even if I registered now, presumably it wouldn't help my situation re the 2009 return. I understand that I could also form a partnership but again I presume that any registration couldn't be backdated to cover 2009.

Is there any way of just allocating part of the self employed income to my wife on the basis that she assisted me in my consultancy practice and is therefore entitled to part of the profits (without either being registered as an employee or as a partner is a registered partnership) - both options for the future but not, I assume, options at this stage for 2009?

Any advice greatly appreciated

mmge

Thanks

mmge
Click to expand...

Assume self employed is via sole-trader and not limited company

If soletrader I forget it for 2009 as hard to defend it
 
Ya forget about 2009 but register as an employer for 2010 and get a tax deduction card for your wife.
 
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