How To Register A Business Partnership With Hmrc

When a new partnership is registered the nominated partner will be automatically registered with hmrc for self assessment tax.

How to register a business partnership with hmrc. You can register with hmrc online here or by completing the paper form sa400 which you can access here. What you need to do. When the nominated partner registers the partnership they will automatically register themselves for self assessment. Registering a partner or a partnership can be done online. Register with hm revenue and customs hmrc the nominated partner.

Hmrc use the information on the form to decide which tax returns need to be completed. As soon as the partnership is formed the nominated partner must register it for self assessment with hmrc by completing and submitting a sa400 form. You do not need to register your chosen business name. To complete the process of setting up a business partnership you must. Your partnership must also be registered for self assessment.

Choose one of the partners to be the nominated partner. Each partner has to be registered with hmrc for self assessment. The online service is the same for partners and partnerships here is a link. So the first thing the accountant knows about it is a penalty letter a few months later for failing to deliver the next tax return and these penalties can quickly add up. To register a partner use form sa401.

To set up as a partnership you should take the following steps. Most businesses register as a sole trader limited company or partnership. To register a partnership use form sa400. You can also register the partnership using form sa400 if you cannot register online. Sole traders it s simpler to set up as a sole trader but you re personally responsible for your business s debts.

Register the partnership with hm revenue and customs registration at companies house is not required. You can also register by post if you can t do this online. If you are going into business with a partner or partners and are setting up a partnership you must choose a nominated partner who is responsible for managing the partnership tax returns and business records. As a partnership you will not need to notify companies house nor deal with any administrative or accounting requirements which are required of limited companies. You can register online with hrmc or download a form here.