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Partnership but no partnership agreement?

  • Member
  • Practice Licence
  • 19 posts
  • # 114483

I have someone who I am completing a tax return for who has a partnership but no partnership agreement - is this possiblr? how do i submit the self assessment return?

 

Thanks

Tina

  • 794 posts
  • # 114484

Hi Tina,

Really need more info to answer your query.

Is client the 'nominated' partner?

Have partnership accounts been prepared? If so, then Partnership tax return has to be submitted to HMRC and this requires software as HMRC don't supply any free. Also the partnership will have its own UTR number.

If client is not nominated partner then has he/she received document from nominated partner showing taxable income so their SA can be submitted?

The fact there is no partnership agreement (and I am assuming this is sole trader  business you are talking about) is irrelevant for tax return.

However, not very wise from a business point of view should the partners fall out. I have experienced this with a client who I only acted for after partnership had split up but it ended up causing him a lot of grief and money!

  • Member
  • Practice Licence
  • 19 posts
  • # 114490

Thank you for your reply! They are a sole trader - his tax return asks for details from the partnership agreement though such as the partnership number etc?


ive asked him a few more questions re the nominated partner etc. Thank you!

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