Hi,
We are a single income family (joint assessment). I earn circa 85k as a PAYE worker. My wife gave up work to mind our kids and has had no income for many years.
Recently she has found an opportunity to return to part time work. The work is fairly inconsistent, some weeks she may get three days work, other weeks no work and so on. Over a year we hope that her earnings could amount to 10 - 12k.
Her new employer insists that she submits an invoice for all work done, detailing number of hours worked that week. The employer then pays her the invoice amount and no tax is deducted.
Does anyone have advice on the best way for us to structure our taxes so we can make best use of any allowances available to us?
Should my wife become a sole trader? If so how would that effect our joint tax assessment?
Many thanks in advance.
Noble.
We are a single income family (joint assessment). I earn circa 85k as a PAYE worker. My wife gave up work to mind our kids and has had no income for many years.
Recently she has found an opportunity to return to part time work. The work is fairly inconsistent, some weeks she may get three days work, other weeks no work and so on. Over a year we hope that her earnings could amount to 10 - 12k.
Her new employer insists that she submits an invoice for all work done, detailing number of hours worked that week. The employer then pays her the invoice amount and no tax is deducted.
Does anyone have advice on the best way for us to structure our taxes so we can make best use of any allowances available to us?
Should my wife become a sole trader? If so how would that effect our joint tax assessment?
Many thanks in advance.
Noble.