Partnership (2 partners) registered for VAT. One of the partners decides he wants to offer other type of services (nothing to do with the main activity carried out in their partnership)
Does he needs to inform HMRC of his additional business? and Does he need to register for another VAT number? He can not surely use the same VAT as he uses in partnership .His new venture does not include his partner and involves selling another type of products altogether.
Very confusing ,i know,just getting the grips with VAT
Hi
Welcome to the forum. From the way youve described it this is a completely separate business to the partnership, so deal with it as such and keep ot all separate ie as a sole trader or Limited company, whichever he is setting up as and therefore register as such. Does he need to register for VAT now (if turnover is below the threshold).
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Many Thanks for reply.This person is already registered for taxes with HMRC (partnership part) so i assume when he does his self assessment he needs to show that he had 2 businesses.
Thank you again.
Kind Regards
