Self Assessment Partnership Tax Return
We at Keith Rogers Accountants will take responsibility for completing your partnership tax return and we will act as your agent with HMRC for all matters relating to your tax return
So whether you are venturing into a new partnership or are already established at Keith Rogers Accountants, we have dedicated accountants who can help your partnership business complete your partnership tax return
Starting a business as a partnership will involve a lot of work and will be very daunting so let Keith Rogers Accountants take some of the stress out of running your partnership by completing your; Partnership tax return, Partnership accounts, Payroll, Vat Returns
have to complete a personal tax return as well as a partnership tax return.
If your business is run as a partnership you’ll
The nominated partner is responsible for completing the partnership tax return showing each partner’s share of the profits or losses.
The nominated partner is responsible for sending in the partnership tax return but you’ll be jointly liable with your other partners for any penalties and interest if the partnership tax return is late or inaccurate.
Therefore it is advisable to use a Tax Accountant to prepare your partnership tax return as the rules affecting its completion are many and varied.
Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits.
The partnership needs to be registered with HMRC within three months of starting and each business partner must also register themselves for as self employed.
A partner can be a company rather than an individual. Some partnerships are made up entirely of companies, others have a mix of companies and individuals.
Partners who are companies have to pay Corporation Tax on their partnership profits, which they must include on their company tax return