Discussion
Looking for some advice here but please bear with me.
3 people are partners in a business (not a Ltd. Co.) and so all 3 are Self Employed and have to submit Partnership and Personal returns to HMRC.
If one of the partners has other business interests, such as BTL and it is found that they are nor disclosing the correct level of income and therefore not paying the correct tax on this would the other 2 Partners be responsible if the BTL partner does not pay?
3 people are partners in a business (not a Ltd. Co.) and so all 3 are Self Employed and have to submit Partnership and Personal returns to HMRC.
If one of the partners has other business interests, such as BTL and it is found that they are nor disclosing the correct level of income and therefore not paying the correct tax on this would the other 2 Partners be responsible if the BTL partner does not pay?
Partners are usually liable for the debts of the other partners where the debts have been generated by the activities of the partnership. The one exception to this is the tax liability of the partners deriving from their respective shares of the partnership profits.
So, even a partner's tax bill based on their share of the partnership profits is not payable by any of the other partners.
Therefore, any further tax liabilities that partner may have which has been generated through some non-partnership activity would definitely not be payable by any of the other partners.
So, even a partner's tax bill based on their share of the partnership profits is not payable by any of the other partners.
Therefore, any further tax liabilities that partner may have which has been generated through some non-partnership activity would definitely not be payable by any of the other partners.
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