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Where Taxpayers and Advisers Meet

Taxation as a partner and sole trader

masplin
Posts:2
Joined:Wed Mar 14, 2018 7:47 pm
Taxation as a partner and sole trader

Postby masplin » Wed Mar 14, 2018 7:53 pm

I am currently a partner in a firm that is making around £120k of distributions to me per annum on which I pay income tax and NIC under my annual self assessment. I have no other income. I now need to bill a company directly for consulting services. I assume I can do this just as a sole trader which does not change my status with HMRC ad this income would again just be declared on my self-assessment? Am I allowed to be both a partner and a sole trader? Is the income from the 2 treated identically?

since i need the cash and do not have an liabilities in my sole trader role there seems to be no advantage of the limited company route.

Thanks for any advice

Mike

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Taxation as a partner and sole trader

Postby bd6759 » Wed Mar 14, 2018 9:48 pm

you can have as many sources as you like. Partnership page for your partnership and self employment page for you trade/profession. (It is quite possible to have multiple partnership and/or multiple self-employment pages included in a single retrurn if there are multiple sources).


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