Partnership Tax Guide
There are several types of 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.