Partnership
A partnership is where you run your business with one or more people. The person who is responsible for
keeping records of the business is called the 'Precedent Partner'.
Each partner must pay Income Tax, PRSI and USC on their share of business profits. You include your share of the business profits in your own personal tax return. The partnership must pay any employee
PAYE, employer
PRSI,
VAT and
RCT due.
You may also have employees. The employees' salaries are paid through the PAYE system.
A partnership’s annual return is the
Form 1 (Firms). The Precedent Partner must complete this form.
When you
register the partnership, Revenue will issue a Tax Reference Number for the partnership. This number is used to register for employer PAYE, employer PRSI, VAT and RCT. Your personal tax matters will be dealt with under your PPSN.