Setting up a partnership, already registered for SA

My other half and I are wanting to form a partnership. We have moved to a smallholding and plan to make a little money here and there out of it as an aid to self-sufficiency. We also want to register for VAT so we can reclaim the VAT on expenses we pay setting up.

I can see that a partnership needs to be registered before Oct of the second tax year so that’s fine. Can anyone verify the process? I’ve looked and you fill in the details of the nominated partner and the partnership. There’s also a form to fill in to register partners - so is it right that I would still need to register as a partner? Because one of the questions on this form asks if you are the nominated partner I’m assuming I would? So one form to register partnership, and one each for the partners.

Now, we’re already registered for self assessment, and one of the questions in the partner registration form asks this and for your UTR- so I just enter this on. Sometimes I come here to ask questions and it ends up I feel like I answer them myself when I write it down!! Sounds quite straightforward now...

Anyway, anyone in a partnership- is this pretty simple to do without the aid of an accountant? I already do our own tax returns and have a little bit of experience from the Ltd company we had.

Any confirmation would be great, just so I know I’m on the right lines...

Comments

  • sheramber
    sheramber Posts: 18,858
    First Anniversary I've been Money Tipped! First Post Name Dropper
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    When you register the partnership you will be given a UTR for the partnership.

    The nominated partner is the one HMRC will deal with on behalf of the partnership.

    Each partner requires their own UTR- Hence why you are asked if you already have one.

    You complete a return for the partnership business and show the allocation of the resulting profit /loss to each partner.


    Each partner completes a self assessment return including partnership pages - selected where you are asked what pages you require. Each partner declares their own share of the partnership on that page.

    You can view the relevant pages here https://www.gov.uk/self-assessment-forms-and-helpsheets
  • 00ec25
    00ec25 Posts: 9,123
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    edited 14 April 2019 at 11:20AM
    the partnership is an entity in its own right and needs to submit its own tax return based on the partnership accounts

    so the question is: are you competent to prepare partnership accounts and tax return without the aid of an accountant?

    presumably this is the page you found?
    https://www.gov.uk/set-up-business-partnership
    as nominated partner it is you responsibility to do the partnership entity tasks
  • Good question. It seems a lot of other people manage so I hope I'd be able to! As long as I do it before end of Oct, as I don't want to try and figure out software as well...
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