• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Income splitting with girlfriend (not spouse)

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    Originally posted by BigLadFromBeeston666 View Post
    Thanks all for the comments. I've been using FreeAgent to date, but it seems like an accountant will be worth spending a bit of money on to get this sorted correctly?
    Without a doubt.

    I was going to use your referral code for Gorilla Accounting northernladuk, until you doubted my honesty
    It's just the way I am. Most posts we get on here either miss key information or the OP is being liberal with the truth to get the answer they want so if I can cover the negative aspects the positive ones just roll in. 99% of wife working for the company post turn out she's doing a bit of filling according to the OP, and when pressed she isn't even doing that hence the default to them not doing anything which is usually right.

    BTW I split my referrals so you get half. Lance will just take it all and blow it on hookers and coke. Just mention me and remind them we agreed half if you want.
    Craig@Clarity is it fair to assume this is becoming a more common set up for your clients? Marriage seems to be on the decline and co-habiting on the rise. Wondering how many people have had a similar idea.
    That is true, the problem is the law hasn't caught up to that fact yet, and probably won't for years, if ever, for some situations.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #12
      Originally posted by northernladuk View Post

      They all say they do.
      Which is why employing her rather than a shareholding may be more useful.
      At least then there would be a contract of employment, list of responsibilities and duties, annual appraisal, etc.
      Set her up with a company email address, make her the main correspondent with the accountant, her responsibility to deal with company mail, maintain the company office, its stationery, etc.

      This can include a bonus scheme and eye-watering pension contribution, as advised by an accountant.

      The greatest trick the devil ever pulled was convincing the world that he didn't exist

      Comment


        #13
        Originally posted by northernladuk View Post

        BTW I split my referrals so you get half. Lance will just take it all and blow it on hookers and coke. Just mention me and remind them we agreed half if you want.
        harsh.... have we met?

        I would be willing to split but don't want to get in a bunfight over who gets referral fees.
        The new Gorilla referral system is a pain anyway. But it is £200 right now rather than £100.

        See You Next Tuesday

        Comment


          #14
          Originally posted by northernladuk View Post
          Without a doubt.


          It's just the way I am. Most posts we get on here either miss key information or the OP is being liberal with the truth to get the answer they want so if I can cover the negative aspects the positive ones just roll in. 99% of wife working for the company post turn out she's doing a bit of filling according to the OP, and when pressed she isn't even doing that hence the default to them not doing anything which is usually right.

          BTW I split my referrals so you get half. Lance will just take it all and blow it on hookers and coke. Just mention me and remind them we agreed half if you want.

          That is true, the problem is the law hasn't caught up to that fact yet, and probably won't for years, if ever, for some situations.
          It won't remember tax law is entirely different to all other parts of the law and as shown by the Arctic case, HMRC don't want the reward of risks taken (i.e. profits from a company) shared by married partners let alone unmarried ones.
          merely at clientco for the entertainment

          Comment


            #15
            Originally posted by LondonManc View Post

            Which is why employing her rather than a shareholding may be more useful.
            At least then there would be a contract of employment, list of responsibilities and duties, annual appraisal, etc.
            Set her up with a company email address, make her the main correspondent with the accountant, her responsibility to deal with company mail, maintain the company office, its stationery, etc.

            This can include a bonus scheme and eye-watering pension contribution, as advised by an accountant.
            And redundancy
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #16
              Originally posted by Lance View Post

              harsh.... have we met?

              I would be willing to split but don't want to get in a bunfight over who gets referral fees.
              The new Gorilla referral system is a pain anyway. But it is £200 right now rather than £100.
              How about we don't tell the OP that. Bung him 50 quid and you we can spend the rest at your local hangouts? Show me how the big boys play.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #17
                Originally posted by eek View Post

                It won't remember tax law is entirely different to all other parts of the law and as shown by the Arctic case, HMRC don't want the reward of risks taken (i.e. profits from a company) shared by married partners let alone unmarried ones.
                True dat.
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment


                  #18
                  Originally posted by BigLadFromBeeston666 View Post

                  Yes, it's a good point. I'm proposing this month and we will likely be married at some point next year. COVID has delayed a lot of our plans. My intention is to stay together with her until death do us part, so the business has very much become a family endeavour. She has given up her career to raise our children.

                  Thanks all for the comments. I've been using FreeAgent to date, but it seems like an accountant will be worth spending a bit of money on to get this sorted correctly? I was going to use your referral code for Gorilla Accounting northernladuk, until you doubted my honesty

                  Craig@Clarity is it fair to assume this is becoming a more common set up for your clients? Marriage seems to be on the decline and co-habiting on the rise. Wondering how many people have had a similar idea.
                  don’t do it man !!!

                  this year love is next year fish and chip wrapper !!

                  say goodbye to girlfriend benefits

                  Comment

                  Working...
                  X