As a business partnership start up, you and your business partner (or partners) split the responsibility for the business you are controlling. Not only does this mean sharing the profits equally, it also means that each partner must pay their individual taxes on their share of the profits.
Other legal responsibilities include:
- Personally responsible for any losses taken from the company
- Bills that need paying for your business e.g. stock and equipment
These partners don t actually need to be actual people because in some cases a Limited Company can also stand as a legal person, and therefore can be a partner in a partnership business. Whoever the partners are, the same responsibilities stand when it comes to tax and payments. These can all be handled professionally by Roger Hatherall and Company and include:
- Personal self-assessment tax returns
- Income tax payments on their share of profits
- National insurance payments
All these need to be complete on time and be in the correct format for the HMRC to avoid penalties.