Existing Partnership and New Serivces

[helmetb]

Hi

I am in an existing tax partnership with my wife looking to start breeding tropical fish from home for profit , my current tax partnership is for a general retail , could I use my existing tax partnership for the tropical fish breeding venture as I do my own taxes and want to keep it simple as possible.

Kind regards

 

[Scalloway]

As they are different trades you should have separate UTRs for each one.

 

[Argentum Tax]

Each partnership is a separate trade and therefore each one needs its own UTR and needs to submit its own Partnership Tax Return (SA800).

Therefore if your tropical fish business is a partnership then you need to register with HMRC for a UTR for that partnership.

However if you are carrying out the tropical fish business as a sole trader then you simply enter the business details (income, expenses etc) on the 'Self-employment' (SA103) pages of your usual personal Tax Return which shows your own personal UTR.

 

[KAC]

Is your current partnership VAT registered? If so, you may be better off making the new business a sole trader

 

[Rawlinson Pryde]

https://www.gov.uk/government/publi...re-than-one-trade-profession-or-vocation-2020

 

[helmetb]

Hi

Thanks for the replies, I would have to do another partnership I feel the best way and notify HMRC , I take it I would have to do additional SA800 SA104s and SA100 for the new business.

Also is it the case of just sending the tax forms of when completed and HMRC adding the tax what you owe of the combined businesses.

 

[Scalloway]

I take it I would have to do additional SA800 SA104s and SA100 for the new business.

You only complete one SA100.

Also is it the case of just sending the tax forms of when completed and HMRC adding the tax what you owe of the combined businesses.

Yes. HMRC will add up your taxable income and work out the tax due.

 

[helmetb]

Many thanks