Self Assessment: Are two Ltd Directors in a 'Partnership'?

[houmie]

Last year a friend and myself have incorporated an Ltd company with 50:50 shares.

I am just about to fill in my Self Assessment and it is asking me the question:

Were you in a partnership?

Does it mean in am in "partnership" or does that not count for Ltd companies?

Many Thanks for advice,
Houman

[Andrew@Wisteria]

In short...no! Presume you just need to say you are a UK director.

[TheCyclingProgrammer]

Partnership is a form of self-employment like being a sole trader, but more than one of you! So no!

[houmie]

Many thanks to both of you,

Happy holiday,
Houman

[Andrew@Wisteria]

Many thanks to both of you,

Happy holiday,
Houman

Pleasure.

Happy xmas / NY to you too.

Assuming no other personal income then you will just need to notify on the return that you are a director.

Andrew

[northernladuk]

Wow... Going in to business with a friend is dodgy enough without you not having a clue what you are doing. I hope it works for both of your sakes....

[sal]

Wow... Going in to business with a friend is dodgy enough without you not having a clue what you are doing. I hope it works for both of your sakes....

Unlike you, other people have actual friends they can trust

[northernladuk]

Unlike you, other people have actual friends they can trust

Yeah well good luck to them if that is what they think....