Partnerships

Partnerships are in effect sole traders but working with other people. The rules for deciding if you are a partnership are the same as those for deciding if you are a sole trader.

Also; the actions we can assist in completing are largely the same.

One difference is that each partner gets a UTR, and also the partnership itself gets one and tax returns for each partner and the partnership all have to be submitted.

VAT applies to the business, so if the business sells more than the annual limit it must register for VAT. As the partnership has to support more than one person it is more than likely that it will exceed the VAT limits.