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Help regarding partnership.

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Hello,

Currently I have a partnership which is equally divided between myself and one other.

The partner has a joint bank account with his wife and he is trying to explore the possibility of defining her as a sleeping partner with 25% of the partnership - obviously to reduce tax as she currently just earns over 11k. All of this has come about as I’m about to complete 18/19 tax return.

I am highly inexperienced regarding such matters as our operation has been very simplistic and my knowledge stretches just as far as completing a partnership return and two individuals.

Would anyone be so kind to provide me with guidance / direction in tackling this matter? Or any other possible suggestions. 

Thanks

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RLI
By lionofludesch
28th Aug 2019 08:26

If you don't want her in, she's not in.

She can only be admitted with your agreement.

You need professional advice.

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Hallerud at Easter
By DJKL
28th Aug 2019 10:30

Do remember, if vat registered, the time limits re advising HMRC re changes in composition of the partnership- so often this gets overlooked.

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