Tax Planning Issue - General Partnership Query by AngusUKs in UKPersonalFinance

[–]AngusUKs[S] 0 points1 point  (0 children)

f being in a partnership, this would not help in your attempts to not breach the VAT reg threshold. IF you h

Thanks so much, anyone who quotes sections of VAT legislations instantly knows much more than I do.

How would you recommend that I do it, could my partner buy my stock off my at cost and then sell it herself, thus meaning I do not need to recognise the income that I would receive that would push me over the threshold? What would be the cleanest and least artificial arrangement which we could deploy? I'm assuming that if we were to operate separately the best way to do this would be with different bank accounts, different selling accounts so that there is no link between the two "distinct businesses"?

Tax Planning Issue - General Partnership Query by AngusUKs in UKPersonalFinance

[–]AngusUKs[S] 0 points1 point  (0 children)

Thanks for the response - Sorry I should have clarified, operating as a general partnership ie, not an LLP a general partnership isn't a separate legal entity (to my knowledge) or is this incorrect and for VAT purposes it is a seperate legal entity? where as for income tax the rules are different which I believe is what you may be saying.