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Posted Fri, 22 Dec 2023 12:32:57 GMT by Deborah Moore
Hi We set a tax partnership for year 22/23 but realised now this wasn't necessary and we can declare our earnings individually as self employed. Can I cancel the tax partnership and then not need to submit a return this year for the partnership?
Posted Wed, 03 Jan 2024 11:05:42 GMT by HMRC Admin 21
Hi Deborah,
You will need to submit a nil return for the partnership to close the record and then declare the income as self employment.
Thank you.
Posted Wed, 03 Jan 2024 13:16:55 GMT by Deborah Moore
Perfect thank you. So we would still tick we are partnership on the individual return and enter nil on there too.
Posted Mon, 08 Jan 2024 12:52:40 GMT by HMRC Admin 10
Yes, that is correct.

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