When starting up a business you’ll need to choose a ‘nominated partner’ – the one person responsible for managing the mutual tax returns and keeping business records.
They must register both themselves and the partnership for Self Assessment, while the others can sign-up separately (usually after the partnership is registered).
Naturally, we can be an impartial voice in the process.
- Responsibilities
- Naming your partnership
- Sending their personal Self Assessment tax returnevery year
- Paying their Income Taxon their share of the partnership’s profits
- Paying their National Insurance
- Any losses the business makes
- Bills for the business – eg when they buy stock or equipment
The nominated partner must also send the partnership’s tax return, so we can help with all of this, too.
You can use your own names or create a clever business moniker. The choice is yours. However, there are some rules to be aware of…
For example, you can’t:
- Use the terms ‘Limited,’ ‘Ltd’, ‘public limited company,’ ‘plc,’ ‘limited liability partnership,’ ‘LLP’ or their Welsh equivalents
- Include ‘sensitive’ words or expressions unless you get permission
- Suggest a connection with government or local authorities
- Utilise a name that is too similar to a registered trademark or an existing business in the same area or sector
- Be offensive
Clients Case Studies
Learn about the experiences that just a handful of our clients have had in working with us, and how we might be able to work with you.
