Are you a Business Partnership? Are you aware that:
- It is not the company that is taxed but the partners individually.
- Each partner pays tax on the total of his or her earnings, including their share of the partnership profits.
- Profits and losses of the business are passed to all of its partners.
- Partners personal assets are at risk if the business runs into trouble.
- It is the partners responsibility to file the Partnership Tax Return to HMRC as well as their own self-assessment tax return.
- The deadline for the Partnership Tax return is 31st October or the following January if submitting online.
- Online submission means that you need to register with the online service first and then purchase the commercial software.
- Penalties and accrued interest for late payments for failing to file by the due date are issued to all partners.
- The Partnership Tax Return includes your business’ income, gains, losses, deductions, credits, etc.
- You need to check that any relevant supplementary pages are also completed, in the case of other types of income or disposals of chargeable assets.
Like all business models and companies, it is imperative that you maintain good book-keeping. We appreciate that this can be time consuming so our financial expert team at Love Management Accounts are here to help you with all these services, ensuring you are up to date with all accounting deadlines and your business figures are accurate. We can assist you with day-to-day book-keeping, preparing your monthly, quarterly accounts, completing and filing your VAT return and of course preparing and filing your Partnership Tax Return.
If you’re looking for partnership tax return services, do not hesitate to contact us.