Self Assessment for Businesses

If you form a partnership to carry on a business, you must register it separately with HM Revenue & Customs even if the partners have previously been self employed. If the partners are new to business, they must also register individually.

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you trade through a limited company or a sole trade or partnership.

The rules still allow businesses a free choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.