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Individual partners

Prior to the basis period reforms in 2024/25 with a transitional year in 2023/24, individual partners are deemed to be carrying on a notional trade in partnership. This means that each partner must file an individual self assessment tax return reporting his individual allocation of income, gains, etc arising in the basis period for the tax year in question. Following the basis period reforms the concept of notional trades and basis periods will cease to exist and each partner will be assessed to their share of the profits of the partnership on a tax year basis, see the Allocation of partnership profit or loss guidance note for more details.

The partnership supplementary pages (SA100 plus SA104S or SA104F) must also be filed with the self assessment tax return.

Class 2 and Class 4 national insurance contributions may also be payable by the partners, depending upon individual circumstances. However the obligation on partners to pay Class 2 contributions where their earnings exceed the lower profits threshold is to be removed from 2024/25 onwards.