If your business is run as a partnership you will have to complete an individual Self-Assessment tax return (SA100). You will also have to fill in the partnership supplementary pages (SA104). The nominated partner must also complete a Partnership Return (SA800) – showing each partner is share of the profits or losses. This might include supplementary pages too, depending on what types of income the partnership has.
The nominated partner is responsible for sending in the partnership return but you will be jointly liable with your other partners for any penalties and interest if the return is late or inaccurate.
Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits
A partner can be a company rather than an individual. Some partnerships are made up entirely of companies, others have a mix of companies and individuals.
Partners who are companies have to pay Corporation Tax on their partnership profits, which they must include on their Corporation Tax Self-Assessment returns.
At Accountancy Managers we provide extensive support to businesses in partnership status, if you have any question or would like to speak to us on your partnership taxes please feel free to contact us.