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Martax Accountants is an independent firm of Chartered Certified Accountants who specialise in providing partnership tax return services.
A partnership is a business structure where two or more individuals work together with a view to make profits. They share profits and loss in accordance with terms of their partnership agreement. The partnership agreement is an important document and it should cover, among many other things, how the profits and losses of the partnership are going to be shares.
If your business is run as a partnership, then you are required to file a partnership tax return each year. When a partnership is formed, it must be registered immediately with HMRC by the nominated partner. The following details are required to register a partnership with HMRC:
In addition to registering the partnership, all the partners must register themselves for Self-Assessment and Class 2 NICs individually.
The nominated partner is responsible for completing the partnership tax return, which will show the details of partnership profits or loss, as well as the details of each partner’s share of profits and losses on partnership statement.
Partnership is required to file an annual return but it is not a taxable entity in itself so there is no concept of a partnership tax liability. It is the individual partners who pay the tax.
The deadline to file a partnership tax return is the normal self-assessment filing deadline, normally 31 January following the end of the tax year.
Once the taxable profits of the partnership are calculated, these will be allocated to the partners based on the profit sharing ratios. The individuals need to include their profit shares in their personal tax returns and to file these with HMRC.
The tax liability of the partners will depend on their share of profits and their income from other sources. The partners will be taxed as sole traders and therefore the tax and national insurance rates in relation to sole traders will be applicable.
At Martax, we provide specialist partnership tax return, including the following:
We are a group of dedicated Chartered Certified Accountants who can help you run your business in a more tax efficient way – saving you money.
No hidden costs — clear, upfront fees for complete peace of mind.
As we are ourself a small business, we know the needs and support small businesses need to manage their accounting and tax affairs.
Completely synergize resource taxing relationships via premier niche markets. Relationships via premier niche markets.
Completely synergize resource taxing relationships via premier niche markets. Relationships via premier niche markets.
No hassle at all, we will take care of everything. We can transfer your accounts from your current accountant without any additional cost.