Advice Needed!

[Jade&Evie]

My OH wants to start buying and selling used cars. Obviously, at first it won't be majorly profitable and he'll still be employed full time with his current company (a major car company so his job is relatively secure).

Would he have to set himself up as a PLC to do this? Would he be better off putting it in MY name as I will be earning less and therefore wouldn't hit the tax boundary as quickly?

 

[Jollypops]

I would say you can start as a sole trader then when you make enough money to pay the tax £70,000 i think then add someone else on the business which then means you have an extra allowance i think and when you do this then look into becoming a Limited Company so house etc is not taken into account of the business. Would suggest you look at the business link website though and check it out. http://www.businesslink.gov.uk/bdot...gov.uk&target=http://www.businesslink.gov.uk/
Good Luck