If you are in a partnership, as well as filing your own tax return, you must make sure that a separate self assessment tax return is filed by the partnership.
As with individual’s tax returns, if filed electronically, the partnership return must be filed by the 31 January following the end of the tax year, or automatic filing penalties are charged.
It is the responsibility of the “representative partner” to file the partnership tax return. However, in a recent tax tribunal case, a student who ran a part-time business was ordered to pay a late filing penalty of £1300. Even though he had provided all relevant information to the representative partner, the representative partner failed to file the return.
The business in question only traded for one year, and profits were only £1356 in total.
Please contact me on 01733 372681 or email me at: david@greenstones.co.uk if you require any guidance on your responsibilities as a partner.