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According to HMRC, a partnership is where:

“Two or more people set up a business. Each partner is personally responsible for all the business debts, even if the debt was caused by another partner. As partners, each pays income tax on their share of the business profits through self-assessment, as well as National Insurance.”

In terms of filing requirements, each partner should complete a partnership supplementary page as part of their individual self-assessment tax return. This is in addition to a partnership return, which has to be submitted by one nominated partner and show each partner’s share of profits/losses.

The deadlines for partnership tax returns are as follows:

 paper tax returns should be received by HMRC by 31 October of tax year ending 5 April

 online tax returns should be completed by 31 January (giving you an extra three months).