Wife going self employed

M

MeathCommute

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Hi. I need advice on the best course of action.
We got married in August 2007. My wife gave up work fully in July 2007.
She worked for a religious order and paid tax and PRSI as normal.
As of now, my wife has never signed on. We've been living off the income from my job and money that her brother gave her to buy her out of property that they bought together in 2005.

I am worried that my wife hasn't paid stamps since July of last year.

She is getting occasional work as a spiritual counsellor but she hasn't paid tax or PRSI. We were wondering would the best course of action be for her to go self employed ? She refused point blank to sign on.
The most she would be earning per year now is only around €10k.
I just want her to be able to keep her stamps up to date without signing on.
I went on to the Revenue website but found it confusing.
 
Based on the information you have supplied, your wife is self employed, and as such she should register and prepare accounts for this income, and related expenses.
 
if you download a tr1 from revenue website- register for income tax only for wife. could back date it to 01/01/08 so first accounts would be from 01/01/08 to 31/12/08 and tax return due 31/10/09.

keep record of icome and expenses such as phone, travel, any rent for office etc. income less exp is profit.

in 2009 do a joint assessment tax return= husband p 60 income for 2008 plus wife self employed for 2008. tax on wife will be at 20% rate. prsi will be very low class so.
 
papervalue said:
if you download a tr1 from revenue website- register for income tax only for wife. could back date it to 01/01/08 so first accounts would be from 01/01/08 to 31/12/08 and tax return due 31/10/09.

keep record of icome and expenses such as phone, travel, any rent for office etc. income less exp is profit.

in 2009 do a joint assessment tax return= husband p 60 income for 2008 plus wife self employed for 2008. tax on wife will be at 20% rate. prsi will be very low class so.
Click to expand...

Thank you so much for that advice Papervalue. I have printed off the forms and am going to help my wife fill them in later. Cheers
 
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