Joint assessment @ business partnership

[Audi_Driver]

Folks just a generally query regarding an income tax assessment where:-

Husband and wife are both PAYE workers, husband also has self employed income on top of his PAYE income

Son is a PAYE worker and has also entered into business partnership with his father(presume a 50/50 income split)

Will the 3 people be assessed together ?

Or will the husband and wife be assessed in the normal way and then will the son be assessed on his drawings/50% net profit of business on top of his PAYE income ?

 

[Audi_Driver]

Folks just a generally query regarding an income tax assessment where:-

Husband and wife are both PAYE workers, husband also has self employed income on top of his PAYE income

Son is a PAYE worker and has also entered into business partnership with his father(presume a 50/50 income split)

Will the 3 people be assessed together ?

Or will the husband and wife be assessed in the normal way and then will the son be assessed on his drawings/50% net profit of business on top of his PAYE income ?

Ooops meant to call this tread joint assessment and business partnership.

 

[Joe_90]

Profits from partnerships are assessed on in each partnership in proportion to their share.

So son makes his own return and father makes his return.

 

[Audi_Driver]

Profits from partnerships are assessed on in each partnership in proportion to their share.

So son makes his own return and father makes his return.

Thanks joe for your reply,

Presume the business makes a profit of 20,000 and each party in the business has a 50% share.

If the son earns say 30,000 pa from his PAYE job, is his income now assessed as being 40,000 and tax in the normal way then 41% income tax over 33,000 etc. ?