Partnership / LLP Tax
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Get the advice and support you need
Partnerships/LLP had special rules when it comes to the tax return. Typically, tax is not due but the return must still be filed. Boxwood can help you get this right, every time.
At the end of each trading period, a partnership is required to prepare formal year-end accounts and to use these as a basis for the trading income section of the self-assessment for each partner. The partnership will be required to prepare a tax return for the partnership and this must be filed with HMRC, however no tax is due on this return as all tax is paid via the partners’ tax returns. Therefore, every partner will be required to prepare and file a self-assessment tax return each tax year and this is due by 31 Jan following the tax year. Payments on account may also be required.
Things to Consider
The tax return for the partnership will show the profit split between each partner and care is required here as, typically, HMRC will take this a definitive evidence of partner income. It must also be remembered that accounting profit is not the same as the taxable profits and a number of key adjustments are required. Also, the period used in the tax return is not the tax year and the tax return uses its own basis period and this can cause complications. In the early years it is possible that estimated figures will need to be used and these must be marked as such and adjusted as required.
Taxation
How We Can Help
The Boxwood team work with a large number for partnerships, preparing tax returns and the associated accounts. We will be happy to chat though your circumstances and help you decide on the best why forward for you and we are committed to providing a first class service .We can prepare and file your return and help ensure that all relevant claims are made as required, helping ensure that tax is minimised and we will be able to remind you of future deadlines, helping to avoid penalties. The experienced team will always be available if you have any questions and we will always agree a fixed fee with our clients prior to any work being carried out.
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