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Sam, I am looking to start my own business with my partner

Customer Question

Hi Sam,
I am looking to start my own business with my partner and change from employed to self-employed. I currently already submit annual tax returns for property income. My question is, once I leave my job, do I need to register immediately with HMRC as self-employed and would the accounts for the new business be submitted as part of the Self Assessment or would the accounts be a separate matter (we would be looking to set up as a Partnership but not Ltd Company.
Thanks,
Mary
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello Mary, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Normally when one starts self employment one notifies HMRC and they ensure that you receive an annual self assessment tax return form to complete at the end of each tax year. You should do the same to advise HMRC of the position, but you can include your trading in your normal annual return. There is no requirement under self assessment to submit any accounts to HMRC except in the unlikely event of an enquiry. However, as you are going to run self assessment as a partnership the position is slightly more complex. Not only will you have to make your own tax return, but the partnership will have to render one also. You can read all about the process here: https://www.gov.uk/set-up-business-partnership/partnership-tax-return The partnership and the individual partners will have to maintain their own separate accounts to support their position if necessary. I do hope that I have shown you the way forward in this matter.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3614
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Than you for your support.

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