Hello all. I appreciate any advice that can be given on my situation.
In July last year I started my online business. In around October, I registered as a sole trader.
My wife helps me out with this business quite a lot, but for whatever reason I never set up a partnership (or even thought about it). I just assumed there might be some way I could pay her a wage.
It turns out that a partnership might be the best way to go in terms of splitting the profits and saving tax.
If I set up a partnership now, can I state that it began in July 2017? Would HMRC allow this or wold they look at it suspiciously?
My wife hasn't registered as as self-employed yet either. Is also possible for her to register now and state that she began as self-employed in July 2017?
I got a bit lazy with organising my tax affairs and of course wish I'd done all this earlier. Just wondering what can be done from here so that my wife can receive money for the 2017-2018 year.
Thanks in advance.
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