Bit confused about partnerships...

[beadell]

Afternoon all....bit confused about out current situation.

We are two individuals, both of whom are registered with HMRC as self employed. We are looking to set up a partnership in business together. What exactly do we need to tell HMRC regarding this "new" partnership?

Thansk in advance

 

[Jeremiah@RHJ Accountants]

You can do this online through the HMRC website or complete the SA400.

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=H30HoN02iwU&formid=4004

Also there is the SA401 to register the Partner for self assessment, this has to be done even though you are both registered individually.

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=fXxJ34w4uQ0

If you are going down the partnership route have your thought about going LTD instead as depending on your turnover and profits it will most likely be more tax efficient.

I would talk to your accountant if you have one as they can explain the benefits in more detail depending on your circumstances.

Hope this helps

Jeremiah

 

[elenaolga]

As a partnership you will not need to notify Companies House, need to inform HMRC to you are now self employed and you will need to file annual self assessment form to HMRC

 

[Bob]

As a partnership you will not need to notify Companies House, need to inform HMRC to you are now self employed and you will need to file annual self assessment form to HMRC

Unlike the post from RHJ, I'm not convinced that that post has helped the OP sort out his confusion

 

[DexSmart]

Try and make a legal notary partnership with all legal aspects, including all services that you will do,etc.