Any business owners on here? Partnerships and tax

Gillybean

Hi,

I run a very small business (toddler group) with a friend. We started trading in Nov 07.
Now it's fast coming up to self assessment time and I'm wondering how I do this. I've done self assessment for a few years now and am ok wiht that. I'm also working part time at the mo so will have to declare that income.

But what to do about our business? Do we have to do our own personal self assessments and then one for the business? How do we divide it up? Whose tax return does all the info go on?

Verrrrrry confused.

maxmycardagain

presumably you informed HMRC you were trading?

if so you will have had a SA form, do your accounts (money in - money out = profit)

profit x 22% = tax

declare it and send em a cheque......or not if no profit

maxmycardagain

if you started trading 1st nov 07 your year ends october 31st 08 so no accounts are due yet, see an accountant though

Gillybean

Thanks, I will go see our accountant.

I totally forgot about the fact that we don't actually need to do any accounts for this financial year! DH is self employed, so you'd think I'd remember things like that!

Cheers.