Self-employed but a partnership

Viks

I want to setup a partnership on a self-employed basis where it will be myself and a partner doing management work for various other people. However, do i just fill in a SE1 form saying a&b management and my partner also fill in a SE1 form saying a&b management and at the bottom write the details of my partner so they know we are linked?

Or is there a better way of doing this?

Thanks

fengirl_2

Yes, that's the way you do it. You will both self assess separately at the end of the year as well as completing a partnership return.

Viks

When you say both self-assess seperately, is it just a case of I declare 50% of the profit and my partner declare the other 50% or is it based on what each person brought to the partnership? I read somewhere it can be whatever you informally chose i.e 1% and 99% if we really wanted?

TIA