I have my own business and pay tax at 40%. Can my wife become a partner and share the profits?
There is no reason why your wife can't be a partner in the business, provided there is a genuine partnership, and you will have to draw up documentation that satisfies HM Revenue & Customs of this. HM Revenue & Customs may dispute any arrangements that are not commercial. If you do choose to make your wife a partner and give her a profit share which exceeds the value of her services to the business or the capital she has invested, HM Revenue & Customs may treat the income as yours and tax it accordingly. No tax will therefore be saved.