Late registering partnership advise please

Greatknieghton1

Hi, myself and my partner are individually registered as self employed.
As of November 2021 we set up a partnership together (new venture) but failed to register this new partnership with hmrc as we thought this was done at the same time as tax return. 
 We have just discovered the partnership return should be submitting before individual returns and as we can't do this as we do not have the partnership utr will we be fined 1. for not registering the partnership? and 2. for late return? 
And as for submitting our individual returns on time (today) do we just split profit and expenditure from the partnership 50/50 on our individual tax return? 

We appreciate any advise you can provide.
Thank you very much for your time.

Jeremy535897

The first thing to say is get on with filing the SA400 and associated forms in respect of registering the partnership.

I suggest you read this thread:
https://www.accountingweb.co.uk/any-answers/file-sa-without-partnership-utr

You should split the partnership profits between you as you wish (unless there is an agreement already between you as to how they should be split).

There will be no late filing penalty for the partnership, as it cannot have been issued with a notice to complete a SA 800, but there could be a penalty for failing to register it on time. Penalties for late partnership returns are served on each partner. Make sure you pay all tax due by 31 January 2023.

Dazed_and_C0nfused

We have just discovered the partnership return should be submitting before individual returns and as we can't do this as we do not have the partnership utr will we be fined 1. for not registering the partnership? and 2. for late return? 

How can it be a late return if you haven't even registered the partnership?

You cannot be fined for not submitting a return you haven't been asked file!

Once you register and receive a notice to file the partnership return then you have 3 months to file it.  Only if you miss that deadline could a late filing penalty be charged.

None of the above should delay you submitting your own individual returns (using estimates if need be) but when you do file the partnership return it would prudent to make sure the information on your individual returns matches what the partnership declares.

HMRC (or their compute system) would be all over anyone who makes such elementary mistakes.