Partnership taxes

[swagger]

Hi everyone just a quick question, me and my business partner have just put our self assesments in and we both have huge tax bills to pay. I will be paying mine next week, if my partner is late paying hers will i be liable to pay it come january 2010 and will it affect my home address in any way were the business is based thanks for any replys.

 

[Matthew98]

Confusing question, are you business partners or partners? It also depends how you completed your partnership return, if you confirmed you are equal partners then you both need to complete personal tax returns and pay your own tax.

You could be liable for all partnership debts but not your partners personal tax bill

 

[swagger]

Matthew 98 thanks for your reply she is my business partner and we are equal partners.