Partnership Tax Return
If your business is run as a partnership you’ll have to complete a personal tax return as well as a partnership tax return.
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 the partners will be jointly liable for any penalties and interest if the partnership tax return is late or inaccurate.
We at KR Accountants will help you to prepare your partnership tax return as the rules affecting its completion are many and varied and we will leave you to get on with your business safe in the knowledge that these matters have been looked after.
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.
How we can help
If you would like to discuss any of the above please contact KR Accountants so we can arrange a No obligation FREE initial meeting to carry out a business review were we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs.