First year partnership - no trade tax return
A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (except some minor startup costs). We have kept the business with the intention of putting time into it again but this no longer looks an option.
I have been asked to submit a tax return for last year - would I still need to send one since we haven't made any money (or submit a blank one)? And what would be the best way of cancelling the partnership?
Many thanks for any help, it would be much appreciated,
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If you haven't made any money you will still need to fill in the self assessment, it will just record that you have no income and (presumably) no expenses. If you don't send one in at all you may be liable for a penalty.
To avoid having to submit another one next year you'll need to tell HMRC that you've stopped trading. See these links.
Stop being self employed
Stopping self employment form
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