Partnership is very similar to self-employment; business partnerships are formed by the agreement between two or more partners who share responsibility of the business. Partners are required to choose the name of the business and nominated partner, who is responsible for managing the partnership's tax returns and keeping business records.
Profit earned from the business is shared between partners, each of whom must submit a separate individual tax return (Self-Assessment Tax Return), pay contributions and tax (NI, Income Tax). Tax return is still required if there was no income during a tax year.
You must register your business for VAT if you expect your VAT taxable turnover to be more than £85,000 in the next 30-day period or if your business had a VAT taxable turnover of more than £85,000 over the last 12 months. You can choose to register if it’s below this, for example to reclaim VAT on business supplies.
Experienced employees of our office offer partnership registration, preparation of documentation and submission of annual tax returns of the business and its partners.
As registered agents, we are authorised to provide direct contact with HMRC on your behalf. We cooperate with clients in our office, by phone, post and by e-mail.