In reply to Tom Last:
> Secondly, assuming the above is correct, by what process can my PAYE partner set himself up to account for his tax liabilities from our partnership? Is it possible to register as a sole trader (or equivalent) for secondary employment whilst still in a full time PAYE role for example?
I know nothing about all the other stuff but having just filled in my tax return I can confirm you can register for self assessment and put multiple employments down on it and any other taxable income you need to declared (although I've personally got only one employment).
You should get a P60 every year for the PAYE role and you can use the figures on that to fill in one employment on your self assessment form and then you'll have to fill in some other part of the form for the partnership role.
Do it online and it guides you through the process (to a certain extent anyway, better than trying to do the paper form).
> Well, thanks for reading, probably questions more suited to an afternoon with an accountant, but thought I'd ask just in case.
> Cheers,
> Tom