Hi,
I'm currently in a partnership with my wife as a software developer.
I'm also training my children (12 and 14) in this field so they have a job opportunity (With me) when they leave school.
According to: https://www.gov.uk/hmrc-internal-manuals/partnership-manual/pm132400#:~:text=In%20law%2C%20a%20person%20under,the%20individual%20and%20the%20business. it would appear that minor children are able to act as partners in order to benefit from the tax allowances as long as they can demonstrate an understanding of the business.
Given both of my children understand the nature of my business and can contribute, I would read this as they are legally allowed to become partners. Have I understood this correctly?
As with everyone these days, I'm just trying to save some money where I can but don't want to break any rules to do so.
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