Home – New Forums New here? Share your story Hi All, new member and question

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  • #986294
    I&E/Admin Services
    Member
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    Hi I am a new member I am currently looking at starting my own small business and have come in search of others help and ideas
    Not sure if this is the correct forum section for questions.

    I am looking at starting up a business and I have no idea what type I need to look into ie company or sole trader etc]

    The business will be contracting myself and my wife to other company’s I will be performing electrical and Instrumentation work as well as consulting, my wife will be performing administration work, quotes etc as well as helping me with some of the consulting work and running the business I also want her to be the sole owner of the business and myself as an employee.

    Most of the work say 90% if not 100% will from the one company that the business will contract too.

    I am hoping to set up a structure that allows the business to split up the income between myself and my wife and we both submit tax returns etc

    Any help of ideas would be most welcomed

    #1157145
    MissSassy
    Member
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    You need to speak directly to an accountant that can also look into all your other financial circumstances. This is the only way to get the right answer.

    #1157146
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi there,

    Welcome to the forums! You’re fine to ask a question here, but you’ll also need to introduce yourself!

    Great to have you here, and hopefully you’ll get some good advice.

    Dave
    P.S. I’ll say it before someone else does – you need to sit down with an accountant. :)

    #1157147
    LanceCrazy.com
    Member
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    Hi,

    I’m also a new member and saw your post on my first thread.
    The best is to talk an accountant. From my experience if you have a company set up, you may then receive payment for your work paid to the company and therefore split the income your company receive between yourself and your wife (that is if she is a company member)

    Further detail about how it works – see an accountant.

    Good luck

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