As a partnership there are at least three tax returns required:
1. SA800 Partnership tax return. On here you show details of the partnerships income and expenses, the names of the partners (including address, national insurance number & UTR) and their share of the profits or loss.
The partnership does not pay any tax. The partners pay any taxes due based on their share of any profits/loss along with other income they may have. If this tax return is submitted late to HMRC then ALL partners are fined a minimum £100 each.
2. 2 x SA100 Personal tax returns. These are for the partners to declare their share of any partnership profits or losses plus any other income they may have in the tax year, even if tax has already been paid on this income for example from an employment. If this tax return is filed late to HMRC a £100 late filing penalty will be charged by HMRC.
All three tax returns need to be filed with HMRC on or before the 31 January, any taxes owed must also be paid on or before 31 January.