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Set up a Business Partnership in UK

In a partnership two or more individuals own the business together – and they share the responsibilities.

If you’re a sole trader, you’re running your own business as an individual.

Nominated partner

One of the involved partners must be the ‘Nominated Partner’. This is the partner who will be responsible for keeping business records and managing tax returns.

Equal responsibility

In a business partnership, you’re running the business using the rules as Sole Traders - but all the partners share equal responsibility for the business.

You can share all the profits between the partners and each partner pays tax on their share of the profits.

Responsibilities

Both the nominated partner and other individual partners are responsible for:

• Sending their personal Self-Assessment tax return every year
• Paying their Income Tax on their share of the partnership’s profits
• Paying their National Insurance
• Any losses the business makes
• Bills for the business - e.g. when they buy stock or equipment
• The nominated partner must also send the partnership’s tax return.

Register for Self-Assessment

The ‘nominated partner’ - the partner responsible for managing the partnership’s tax returns and keeping business records - must register the partnership and oneself for Self-Assessment

The other partners register separately; they usually do this after the partnership is registered.

You register for Self-Assessment with HMRC: www.gov.uk/register-for-self-assessment

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