Tax Liabilities
Discussion
A question for the PH massive:
Pete and John are 50/50 partners in a Widget making business, this is not a Ltd Co but a Partnership. John has other business interests (2 BTL properties) but Pete only has the Widget Co.
I understand that the tax on the profits of the Widget Co are the responsibility of them both (The Widget Co will complete a tax return as will each of the Partners). My question is, if John fails to pay the tax on his BTL income can Pete be held responsible to the HMRC?
Pete and John are 50/50 partners in a Widget making business, this is not a Ltd Co but a Partnership. John has other business interests (2 BTL properties) but Pete only has the Widget Co.
I understand that the tax on the profits of the Widget Co are the responsibility of them both (The Widget Co will complete a tax return as will each of the Partners). My question is, if John fails to pay the tax on his BTL income can Pete be held responsible to the HMRC?
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