We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
The Forum is currently experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
employed plus self employed.

windswept
Posts: 1,412 Forumite
in Cutting tax
when you have to fill in a self assessment form, what happens if you are an employee as well as being self-employed? both myself and hubby work for employers as well as having our own retail business on a partnership basis. do you pay tax as normal as an employee and then get individual tax bills for the business? ( supposing there are actually profits). I understand that one partner fills in the partnership form. we have registered with hmrc but if I remember correctly, as 50% equal partners, I need to change this as hubby has just had a large payrise and promotion so will be close to the higher tax band and I have taken another job with less hours so I can focus on the business, so 80/20 seems more appropriate now. do I just ring hmrc and tell them this? thanks for any answers in advance.
"There is a light that never goes out"
0
Comments
-
The only place that you record the 80/20 split is on the partnership tax return. Each partner's share of the profit/loss is recorded on their personal tax returns, together with any employment (PAYE) income.Quidco savings: £499.49 tracked, £494.35 paid.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 598K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards