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If you become a partner in a business partnership you’ll need to let HMRC know, using an SA401 form, so you can pay the right amount of tax on your share of any profits. The partnership itself must also register for Self Assessment.

The partnership must have a ‘nominated partner’ who is responsible for registering the business, and dealing with its tax affairs.

Who can be a partner?

The partners in the business can be other individuals, or entities such as another partnership or a limited company. Each individual will need to register separately for Self Assessment, and will receive their own Unique Taxpayer Reference (UTR) number from HMRC, which will be different to the UTR for the partnership. So don’t mix them up!

What information will I need when I register as a partner?

The SA401 form that you complete will ask for the partnership’s details, as well as your own. If the partnership has already been registered then you should include the UTR number, as well as other information such as the business address. If you’re already registered for Self Assessment for another reason then you should also provide your original UTR number.

If you have an agent acting on your behalf, such as an accountant, complete a 64-8 form too. This authorises HMRC to deal with them, and share any relevant information. Remember, this only deals with the person acting for you. If the partnership also has as an agent, you’ll need to complete a separate 64-8 form.

 

Learn more about our online accounting services for partnerships and partners, or get an instant quote.

 
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About The Author

Christopher Jones

Forensics graduate-turned copywriter and blogger. I love turning complex topics into easy to understand, yet engaging pieces of content.

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