Accountant, help! UTR and Partnership

[Tim O]

Question about Unique Tax Reference (UTR)

My wife has been self employed for the last five years, and has a UTR for Self Assessment. Previously employed by NHS, PAYE.

With a friend/colleague she is setting up a business, a partnership, with the other party being the Nominated Partner for HMRC purposes. She will for a short term at least carry on with her individuall contract work outside of the new partnership.

Does my wife use her UTR with the partnership or does she apply for a new one? I'm guessing the 'Unique' is a giveaway but it's not clear and I'm way out of my sphere of knowledge.

Thanks

[Countdown]

Tim O said:

Question about Unique Tax Reference (UTR)

My wife has been self employed for the last five years, and has a UTR for Self Assessment. Previously employed by NHS, PAYE.

With a friend/colleague she is setting up a business, a partnership, with the other party being the Nominated Partner for HMRC purposes. She will for a short term at least carry on with her individuall contract work outside of the new partnership.

Does my wife use her UTR with the partnership or does she apply for a new one? I'm guessing the 'Unique' is a giveaway but it's not clear and I'm way out of my sphere of knowledge.

Thanks

The partnership when it's registered will get its own UTR. Once it's up and running all partners will need to file their own Self assessments and there will be a separate return for the partnership.

The individual SA returns will show just your wife's income from all her sources/businesses (including the partnership, any other self employment, and any Employments etc). The partnership return will show only the partnership income and how its split between the partners.

[Tim O]

Excellent, many thanks.

[Countdown]

No problem.

Does your wife submit her own tax returns or does she have an Accountant? While it's fairly easy to submit your person self assessment online you would need specialist accounting software to submit partnership returns. It might be easier/cheaper to get an Accountant to do it.

[Tim O]

Thanks again.

Yes, currently submits her own SA return. We have an accountant lined up but not yet in place.

[Eric Mc]

Issues coming down the line for partnerships is Making Tax Digital - which is happening at a different time for partnerships compared to sole traders.