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Register for self assessment again as LLP member?

Register for self assessment again as LLP member?

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I am currently director of a Limited Company and am registered for self assessment.

I have just recently registered a new LLP with Companies House, where there will be two members, myself and another business partner (who themselves is already registered as self employed). At this stage what information do we need to pass on to HMRC? I assume we don't need to reregister for self assessment, but presumably we will each have to pay additional Class 2 NICs for our self employment in the new venture?

I have found this form at HMRC, is this sufficient? Do we need to register the LLP as it's own entity with HMRC?

https://online.hmrc.gov.uk/shortforms/form/SA401?dept-name=&sub-dept-nam...

Many thanks

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By alexprokop
19th Dec 2014 14:41

To answer my own question should anyone else come across this. I have just noticed in the notes to the form I already posted a message about receiving a link to register the LLP once the form has been sent.

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Stepurhan
By stepurhan
19th Dec 2014 14:50

Registering

The LLP has to be registered separately. It will be treated like an ordinary partnership for tax purposes.

There is no need to register individuals again. The existing self-assessment records just get linked to the LLP records.

If you are not currently paying Class 2 NIC (and as only a director of a limited company, you shouldn't be) you will need to register to pay Class 2 NIC yourself (the LLP being considred a self-employed partnership for tax purposes). Assuming your partner is already paying Class 2 NIC for their existing self-employment then they don't need to register again.

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By Ford
24th Dec 2014 22:03

You need to fill in SA401

See here https://public-online.hmrc.gov.uk/lc/content/xfaforms/profiles/forms.htm...

Even if you're already in SA you need to complete this form.

As you rightly say you will also need to pay class 2 NIC and this form covers that too. I think though that payment of class 2 NIC is moving into the SA system and no more DD forms are being acepted.....

Ford

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By DKB-Sheffield
24th Dec 2014 23:14

Class 2 Small Earnings Exemption

Hi,

Don't forget about the option to apply for a SEE (small earnings exception) if your expected profits are below £5,885 in this tax year.

Kind regards

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