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Can I further ask if my husband also provides services under some other trade names, for example another company that only he runs the business and he also provide freelance services under his personal name, does he need to register for two sole trader accounts (one for the company and one for his freelance serviced) for filing tax? Or he can add all income which he has earned by himself under one sole trader account for tax purpose?
My husband and I will run a partnership business. Is it ok if our clients pay for our service to my husband's personal account but we actually run the business, share the profit and pay tax as a partnership between my husband and I?
When I try to register for self employment, after entering/amending my current address in the system, at the end, it says the personal details entered do not match he personal details held by HMRC. Even I go back and change the home address again, this message still appear with my old address and the only option is to press NEXT which HMRC will use the personal details held by HMRC for registration. Are HMRC going to send letter to my old address? How could I change the address now?
Thanks for getting back to me.
1)Am I correct that the two partners in the UK should register for a partnership instead of each of them being a sole trader to file self assessment for tax payment? To be more clear on the business background, 2 out of 3 partners (partnership registered in Hong Kong) are now in the UK but the business is based in Hong Kong (income received in Hong Kong bank account and no relationships with any parties in the UK). The registration as self employed (either sole trader or partnership) is just for tax payment purpose.
2)Is the tax burden the same with registration with sole trader or partnership if each of the partners have same share and receive same income every year? or what the difference between sole trader and partnership? Is it not acceptable or incorrect if they register as sole trader for the two partner in the UK?
3) Do partnership file self assessment together for the business income? if they have individual income to declare, does it mean each of them need go file another self assessment just for their own income for the year ?
thanks a lot.
thanks a lot.
Hi, the partnership is set up in Hong Kong with 3 partners. 2 of them are now working for this partnership business in the UK. The 3 partners receive income every year from this business (not being paid monthly). Is it correct that the two individuals in UK should register as self employed and file self assessment to pay tax for their income?
And if they are going to apply for split year arrangement, should the taxable income be calculated on a pro rata basis - based on the yearly income and the period that they work in the UK ( like yearly payment received in Mar 22 is 1000 pounds but they only worked in the UK (worked in HK before arriving the UK) for the previous financial year for 6 months, then the income submitted for tax payment is 500 pounds?)
Thank you very much.