Wife and I have set up our own business although we are both otherwise employed as well.
Am I right in saying that we'd both have to pay a set rate (£2.40 a week?) of class 2 NICs as well because of self-employment? Regardless of how much profit we make or are we exempt if we make less than £5K?
In this case, would it be better for just one of us to declare ourselves self-employed as a sole trader rather than a partnership so that only one set of class 2 NICs is paid?