Tax Accounting Services For Partnerships
All partners in a business partnership have a responsibility to comply with self-assessment rules, both for the partnership and also as individual self-employed taxpayers. A partner will be personally liable for income tax and national insurance contributions (NIC) on his or her share of partnership taxable trading profits, as well as having a joint and several liability for business debts, unless the partnership chooses LLP status.
The qualified, experienced accountants in our tax team can ease the burden of tax compliance for business partnerships allowing you to concentrate on your business. We provide advice, guidance and support in the following areas:
- Advice on forming a partnership
- Tax and NIC self-employed registration
- Advice on allowable business expenditure
- Calculation of taxable trading profits
- Preparation of both partnership and personal tax returns
- Advice on profit and capital sharing ratios
- Considerations in relation to partners joining or leaving the partnership
- Advice on VAT registration
We also provide guidance on the optimum use of all available allowances and reliefs by advising on:
- Capital allowances on capital assets acquired for use in the partnership
- Relief for partners’ share of trading losses
- Capital gains tax considerations on the disposal of partnership assets
- Pension planning
- Farming averaging
- The advantages and disadvantages of an unincorporated structure versus incorporation
More Information
If you would like to know more, contact:
Sheena Anderson This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Derek Mitchell This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Or call 01224 625111