Already self employed, and looking at starting a new partnership? advice needed

[S90GAM]

Hello there hope you guys can help me.

Basically im already registered as self employed (plumber) and I want to set up a PAT testing business with my dad who is also self employed.

What would be the best way to start this business?

I have been told that to form a partnership we have to register the partnership with HMRC and file a self assessment each year for the partnership?

If we formed a partnership how would this affect our current self assessments forms each year, would we simply file another one for the partnership and then our self assessment for our self employed business?

Any advice and help much appreciated.

Many thanks

S90 GAM

 

[Robert Pearce]

Yes, if you want to start a partnership, you'll need to register it with HM Revenue & Customs and file a partnership tax return each year.

The partnership tax return will show each partner's share of the profits (or losses) of the partnership. Each partner then has to show their share on their own tax return (and pay the appropriate tax). Your tax return will change in that you'll continue to complete the self employment pages (for your plumbing business) but now have to complete the partnership pages (for your share of the PAT testing business).

Your accountant should be able to advise you whether a partnership is the best vehicle to use, as opposed to setting up a limited liability partnership or a limited company.

 

[S90GAM]

Many thanks for that

Much appreciated.

Regards
S90 GAM