new partnership alonside exisiting Self employed

Judytoo

Hi,

can anyone help me ?

I currently run a small self employed business, as well as being employed.

I am now wanting to add a third arm to this, and to set up a partnership with a colleague, and am really struggling to get advice on the HMRC web site.
I have already hung on the phone for ages so am not keen to repeat that if I don't have to.

I am already registered as self employed and complete a tax return annually. My question is, do I have to register again for the partnership earnings or will the existing tax return be enough?


If I do have to register again, how do I do it ?

Thanks in anticipation...

Judy

InsideInsurance

The existing form is sufficient, you can add an additional section for your share of the partnership yourself online when you are completing it

Mistral001

Judytoo wrote: »

Hi,

can anyone help me ?

I currently run a small self employed business, as well as being employed.

I am now wanting to add a third arm to this, and to set up a partnership with a colleague, and am really struggling to get advice on the HMRC web site.
I have already hung on the phone for ages so am not keen to repeat that if I don't have to.

I am already registered as self employed and complete a tax return annually. My question is, do I have to register again for the partnership earnings or will the existing tax return be enough?


If I do have to register again, how do I do it ?

Thanks in anticipation...

Judy

You really need accountancy advice. If you are setting up partnerships you would also be wise to get legal advice as well.

purdyoaten

Judytoo wrote: »

Hi,

can anyone help me ?

I currently run a small self employed business, as well as being employed.

I am now wanting to add a third arm to this, and to set up a partnership with a colleague, and am really struggling to get advice on the HMRC web site.
I have already hung on the phone for ages so am not keen to repeat that if I don't have to.

I am already registered as self employed and complete a tax return annually. My question is, do I have to register again for the partnership earnings or will the existing tax return be enough?


If I do have to register again, how do I do it ?

Thanks in anticipation...

Judy

The partnership DOES have to register and will have a completely separate UTR. All of the information pertaining to the partnership accounts is returned on this partnership form, not your individual self-assessment. The taxable profit figure only that you each receive is then transferred to the individual returns on an additional section.

antrobus

Judytoo wrote: »

....If I do have to register again, how do I do it ?....

There's no if about it, see above.

Try;

SA400 - Registering a partnership for Self Assessment
http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=H30HoN02iwU

It's also worthwhile reading;

Tax returns for partners and partnerships
http://www.hmrc.gov.uk/sa/parts-partners.htm

Take particular note of the bit that says "You can send the Partnership Tax Return on paper or online. You'll need to buy commercial software first before completing it online. "