Partnership Tax Guide




There are several types of partnership:

  • Partnership
  • Limited Partnership
  • Limited Liability Partnership (LLP)
  • Mixed Partnerships – one where there is a corporate partner

All individuals within the partnership are taxed personally and the partnership does not suffer tax itself. However a partnership is required to submit a Partnership Tax Return, which is a snapshot of the business and shows the individuals profit share to be included within their Self-Assessment Tax Returns. If a Partnership Tax Return is submitted late there is a fine for each partner within the Partnership so it is important that these are filed on time.


 


All of the partnership options have their own slight variations on the taxation laws; we are able to advise you on how to comply with the laws to ensure you do not suffer any additional taxation burden.

If you would like to know more about which type of partnership tax would suit your needs, our accountants can be your partnership tax guide. Please contact us by calling us on 01234 300500, emailing us at [email protected] or speak directly to one of our team and we would be delighted to assist you.