I’m looking for advice on vat thresholds.
Me and my wife are about to finish university and we’re considering going self employed we would be conducting the same trade.
I originally got the idea of a partnership as she hates paperwork and as a partnership I thought I could deal with it all for her.
Obviously I’m thinking long term here but my concern is if I ever hit the vat threshold any profits would be wiped out.
As a partnership we would only have a vat threshold of 85000 but as two separate sole traders we would have a vat threshold of twice that. We could easily share clients if one of us got close.
If we started a partnership and then later downgraded to sole trader I’m almost certain this would be illegal and evasion however if I tax plan now and foresee this issue and setup as two sole traders would we be better off?
Thanks
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