Hi, I've searched some here and elsewhere as I'm sure this must be well covered before: If anyone can point me in right direction, I'd appreciate it.
Situation: self employed. Spouse works in business on part time basis (accounts etc.) but we have opted to be assessed for income tax jointly in past as single income etc.
For 2007 tax year it would benefit us to be assessed as dual income. But what steps do we need to take and can we apply them now?
Do I need to formally register as an employer and go through that paperwork or can I more simply treat it as sub contracted work by means of invoice etc.?
Can we change to separate assessment now when filling in pay&file tax return?
If anyone can advise what they have done or point us in the right direction, I'd appreciate it. thx
Situation: self employed. Spouse works in business on part time basis (accounts etc.) but we have opted to be assessed for income tax jointly in past as single income etc.
For 2007 tax year it would benefit us to be assessed as dual income. But what steps do we need to take and can we apply them now?
Do I need to formally register as an employer and go through that paperwork or can I more simply treat it as sub contracted work by means of invoice etc.?
Can we change to separate assessment now when filling in pay&file tax return?
If anyone can advise what they have done or point us in the right direction, I'd appreciate it. thx