partnership how it works

« **on:** July 30, 2011, 05:50:22 pm »

as the title says can i have a partner if you can how do you pay tax.can you still be self employed etc etc ie can i have my son as a partner any help would be great thanks.

« **Reply #1 on:** July 30, 2011, 05:52:11 pm »

you both can be self employed and fill in seperate tax returns, just have to registers as partners i think, one of the down side is both can be chased for company debts

« **Reply #2 on:** July 30, 2011, 07:12:00 pm »

thanks for the help so far

« **Reply #3 on:** July 30, 2011, 08:19:23 pm »

Do you mean a partner who works alongside you or your partner you live with and want to use up her/his tax allowance?

« **Reply #4 on:** July 30, 2011, 08:51:13 pm »

Quote from: herbiefatboy on July 30, 2011, 05:50:22 pm

as the title says can i have a partner if you can how do you pay tax.can you still be self employed etc etc ie can i have my son as a partner any help would be great thanks.

The answer is yes you can, for more in depth info speak to your accountant or look on HMRC website

« **Reply #5 on:** July 30, 2011, 09:43:12 pm »

a partner who works with me ie my son.

« **Reply #6 on:** July 30, 2011, 10:04:51 pm »

Yes you can have him as a partner in the business.

You have 3 tax returns - yours, his & a joint

You can do this yourself, but will need some specialist software because its a partnership (£99 - £400 depending on what you go for)

I was in a partnership with my wife and we did it ourselves one year - my advice - get an accountant to do it ... is ALOT of hassle doing a partnership tax return yourself

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