A family member is embarking on a new venture, - the writing/illustration of children's books, with a friend. Neither are currently PAYE workers (she has recently left her full-time job, the other person is a contractor - and does his Self-Assessments each year).
Is it possible to register as a sole trader, recording the costs and earnings associated with the books on an annual SA, split 50/50 so that the other person records the matching information on their return? Or would it be more beneficial (in terms of NIC contributions) to set-up a partnership between the two of them? I think they are less swayed by the idea of being incorporated, not wanting the extra costs and filing obligations associated for now (both have young families so money and time is at a premium).