C
clarabelle
Guest
Hi there
This is the first time I have had to fill out the 11E form. I am employed part-time (PAYE) and my husband is self-employed and we are jointly assessed. We have had an accountant to manage our income tax return for the last 10 years but now due to my husband earning considerably less and the business less complex (no employees), I have decided to do the return myself. I have a couple of questions:
Firstly, PRSI is payable on all income. I'm assuming this is after the deduction of allowable business expenses. Is it after health expenses also or before?
Secondly, is there any advantage for me to be an "employee" of my husband's business? I do all his paperwork but don't receive any salary (sob!). Can we reduce our tax legitimately by him giving me a "wage" or will the implications be too complex?
Any advice gladly received!!
This is the first time I have had to fill out the 11E form. I am employed part-time (PAYE) and my husband is self-employed and we are jointly assessed. We have had an accountant to manage our income tax return for the last 10 years but now due to my husband earning considerably less and the business less complex (no employees), I have decided to do the return myself. I have a couple of questions:
Firstly, PRSI is payable on all income. I'm assuming this is after the deduction of allowable business expenses. Is it after health expenses also or before?
Secondly, is there any advantage for me to be an "employee" of my husband's business? I do all his paperwork but don't receive any salary (sob!). Can we reduce our tax legitimately by him giving me a "wage" or will the implications be too complex?
Any advice gladly received!!