Setting up a partnership when already self employed

[jamie1183]

Hi Im currently self employed but am looking at changing to a partnership, can someone give me advice on how to go about registering as a partnership and can you register from an earlier date?

Im already registered self employed and so is my partner and want to setup a partnership so we have equal ownership.

Hope this makes sense and look forward to a reply.

Jamie

 

[elaine@cheapaccounting]

It is the same process to register as a partnership. You both register as self employed and also that your business is a partnership.

Just phone HMRC to tell them that you are a partnership. You will need to complete a partnership returns as well as your self assessment.

I would strongly advise a proper partnership agreement is drawn up of entering into this type of business covering e.g. who is responsible for the tax returns, split of profits, what happens if one partner wants to leave or dies (!!!) etc

 

[CNEO]

Hi,

In terms of registering from an earlier date, when you contact HMRC to register, you will simply be informing them of the partnerships existance.

The partnership formation date will be whenever it was that the partnership came into force by written agreement or otherwise, which can indeed be prior to your registration.

 

[SussexHazel]

If you are VAT Registered, you will also need to complete a Form VAT 2.