Question by ALTA: How do people with a small business apply to do taxes? UK?
I have a small removals business that I started with someone in the last few months, only two vans and it is going well. But How do I sort tax?
Interesting site Alexi Rox
Answer by Petrusclavus
If you are working close together both of you should register for self assesment – the offical time limit is three months and one week to register from start up.
You should also create a partnership account – separate bank account and records.
Now the partnership trades and keep records – the profit is passed to the partners in the agreed shares.
Each of the partners submits a simple tax return and gets a tax bill.
Setting up is easy – just phone or write to HMRC. Check out the direct.gov.uk site for guidance.
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