This service assists Partnerships in fulfilling their personal tax obligations through the completion and submission of a self-assessment tax return.
Our service includes:
- A partnership is a business structure where two or more individuals (partners) carry on a trade together with a view to making a profit. Each partner shares in the profits and is responsible for their share of the business's liabilities.
- Partnerships need to register with HM Revenue and Customs (HMRC) for a partnership UTR. This UTR is used to identify the partnership and should be used when submitting tax returns and corresponding with HMRC.
- Partnerships are required to file a Partnership Self-Assessment tax return. This return reports the partnership's income, expenses, and profits or losses. Additionally, each partner must also complete an individual Self-Assessment tax return to report their share of the partnership's profits or losses
- Partners share in the partnership's profits or losses based on the agreed profit-sharing ratios outlined in the partnership agreement. It's important to keep accurate records of the partnership's financial transactions to calculate the correct profit or loss distribution.
- The partnership's tax year runs for 12 months from the date the partnership started trading or the beginning of the accounting period, if different. The partnership tax return must be filed within nine months of the end of the tax year.
- Each partner must complete an individual Self-Assessment tax return, reporting their share of the partnership's profits or losses. This includes other income or deductions that are not related to the partnership. The partnership's UTR is used to link the individual partner's tax return to the partnership.
With our Partnership Self-Assessment service, you can ensure compliance with your personal tax requirements as a partner in a partnership. We provide expert guidance, helping you accurately report your partnership income and claim applicable tax reliefs to optimize your tax position.