Use the SA400 form to register a business partnership for Self Assessment, or register for it online. Registering the partnership with HMRC is important, so that the nominated partner (chosen by the partnership) can submit Self Assessment tax returns. This is so that the business partnership can pay any tax that it owes, so it’s an essential step in setting one up.
Are partners registered separately to a partnership?
The partnership is registered for Self Assessment in its own right. Each partner in the partnership will also need to register to pay tax. If the partner is an individual person, they should register as a sole trader for Self Assessment to pay income tax and Class 2 National Insurance Contributions. Partners can also be another partnership, or even a limited company.
What’s important to remember that the business partnership is registered so that it can pay any appropriate taxes. Each partner also needs to be registered, in order to pay tax on income they earn from the partnership.
Will my partnership get its own UTR number?
Yes, the partnership will have its own UTR number once it is registered. Each partner will also be given their own UTR number when they register, so make sure not to mix them up! Learn more about where to find your UTR number in our article.