Self Assessment Income TAX Partner or me

[grantmcscott]

Hi
We are currently setting up a small holding and my partner will be working on it full time next March. Currently she is registered for self assessment and VAT. As we are starting out there is a lot of expenses buy equipment and animals etc so we are making a loss.

I am a 40% (my partner is on a low income and hardly pays tax) tax payer. I was wondering would it be more tax efficient if I registered as the sole trader of the farm and for VAT. As there is a loss would this be more TAX efficient for me?

thanks for any advise

[someone]

I think this can be done but possibly needs professional advice to make sure it's done correctly.

I suspect you might have to have a partnership (but I could be talking utter bollocks)

Hopefully one of the other commentators will be along shortly.

What you cannot do is just pick and choose who gets the expenses and who gets the profits and, most especially, cannot do it 'after the fact' because it works out better for you.

[pawncob]

Read this carefully:https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim85601

Hobby farmers get no loss relief.

[grantmcscott]

Read this carefully:https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim85601

Hobby farmers get no loss relief.

Think I need professional advise on what I can do

thanks