Joint assessment when both self employed

[AJ1]

Hi there,

I am currently paye and hubby is self employed sole trader earning apx 20k as he minds the kids 2 to 3 days a week. We are jointly assessed so I can earn more before paying the higher rate.

I am thinking of leaving my job in 2023 and setting up a private practice. Will I still be able to avail of the tax benefits of joint assessment of we are both self employed?

Thanks

 

[dublin67]

Yes, whether you are employed or self employed will not make any difference. In self employment, where you tax through the self-assessment system, you pay tax in arrears and directly to the Revenue when filing a tax return.

 

[jpd]

Whle it is true that technically you pay in arrears, you have pay preliminary tax so in almost all cases you pay most of your tax in the same year that it is earned