Partnership in Two Businesses

[refreshious]

Are you allowed to be a partnership in two businesses? As in have two seperate businesses with different partners?

They don't need to fill out another one of these do they? http://www.hmrc.gov.uk/forms/cwf1.pdf

Regards

 

[Alpha]

Yes and Yes

 

[Joyous]

Each partnership needs to be assigned a UTR by the Revenue so as Alan says each partnership needs to be registered as well as the individual partners.

Regards

Joy

 

[refreshious]

A UTR (Unique Taxpayer Reference)? Is this for the partnership self-assessment tax return?

When I registered with our existing partnership I just filled in the above form and stated my partner on it. Also, sorted out a partnership agreement contract. Is there anything that needs to be done? I don't see anything on http://www.hmrc.gov.uk that says we have to.

 

[Joyous]

Nope, that’s about it. Does your intended partner have a UTR? If not you’re better off holding off from registering the partnership until he gets one. That way you can provide his UTR when filling in the CWF1.

Regards

Joy

 

[refreshious]

No, what it is, is that I've been in a business partnership with my wife since July 05 and we have not received a UTR. But my wife also wants to setup another business partnership with someone else. Do you recommend that she should just register as self employed again stating the other partner on the new form?

Regards

 

[Joyous]

No, what it is, is that I've been in a business partnership with my wife since July 05 and we have not received a UTR.

Have you and your wife not registered your first partnership yet, if not you’ll need to do so asap. Provided you and your wife both have individual UTRs it’s just a case of registering your partnership so that as well as getting individual self assessment returns for 2005-06 you’ll also get a partnership return.

But my wife also wants to setup another business partnership with someone else. Do you recommend that she should just register as self employed again stating the other partner on the new form?

Regarding the new partnership she just needs to complete the CWF1 giving details of the new partnership and the UTR of the new partner. She won’t be registering as self employed again – she’ll simply be registering a new partnership.

Regards

Joy

 

[refreshious]

How and where exactly do you register the partnership? we just registered the CWF1 form? Please advise?

This is what I got from Business Link Website

Income tax and National Insurance
As a partnership you have to:

register with HM Revenue & Customs as self-employed
complete a partnership self-assessment tax return every year

Each partner has to:


complete a self-assessment tax return every year
pay their own Class 2 and Class 4 National Insurance contributions (NICs)

For straightforward guidance on these subjects, go to:

Income tax self assessment for partners

National Insurance contributions for self-employed people

Get regular notification of important tax dates using our Tax deadline email alerts tool.

Your previous answers:
Q: Does your business have any employees?

A: No Change

Q: Are you registered for VAT?

A: No Change

Q: Do you trade, or do you intend to trade, as a:

A: partnership Change

 

[Joyous]

Via the CWF1. The second page of the form asks about partners and gives space to provide partners’ details. It’s probably easier to do it over the phone via the self employment helpline (08459 154515) – you can then get guided through the process.

Regards

Joy

 

[refreshious]

Via the CWF1. The second page of the form asks about partners and gives space to provide partners’ details. It’s probably easier to do it over the phone via the self employment helpline (08459 154515) – you can then get guided through the process.

Regards

Joy

Yeah, we both filled in the partnership section on the 2nd page of the CWF1 form. Is there no more to do?

 

[Joyous]

No, that's it.