Partnerships
Running and managing a partnership can be daunting task. We are here to help make life simpler, by providing a one stop solution for all your accounting and taxation requirements.
Professional Business Accounting Services
We can navigate you through the complex rules, regulations and complexities of HMRC and assist you in filing your partnership and personal tax returns, whilst ensuring that you have maximised any potential tax savings.
We don’t just stop there, we provide a tailored service to suit you and your business whilst taking the time to understand the direction that the business is heading and give valuable suggestions.
Why Choose Our Partnership Services?
- HMRC: We will help to ensure that your business is HMRC compliant.
- Accounts Preparation: We will look at ways to help you save tax.
- Bookkeeping: We can advise on HMRC rules and best practice.
- Meet Deadlines: Assist to ensure filing deadlines are completed on a timely manner.
- Partnership Tax Returns: We can help to prepare and submit your partnership return, ensuring accuracy.
- Tax Planning: With our vast experience we can suggest ways to maximise tax saving and profitability.
- Personal Service: Unlike larger firms you will receive a personalised service that’s tailored to you, giving you the attention and care that you deserve.
- Recommendations: Make valuable suggestions to help steer the business in the right direction.
- Availability: Need to speak after 5.30pm or over the weekend, no problem we are here to help you.
Feel free to reach out to us today. Call 0161 879 7175. Our team is available to assist you and would be delighted to have a conversation with you!
Partnerships Frequently Asked Questions
Below are the most common questions we get asked as Partnership experts. Feel free to explore and discover how we can support you on your financial journey.
The deadline for online submission is 31 January following the end of the tax year, while paper returns are due by 31 October.
No, partnerships do not pay Corporation Tax. Instead, the profits are split among the partners, who then pay Income Tax on their share.
The UK tax year runs from 6 April to 5 April the following year.
Yes, each partner receives a Partnership Statement, which details their share of the profits or losses to report on their individual tax return.
Business expenses can be deducted from the partnership’s income before profits are divided among the partners.
Yes, partners are responsible for Class 2 and Class 4 NICs on their share of the partnership’s profits.
Late filing incurs a penalty of £100, with additional penalties if the return is over 3, 6, or 12 months late.
Yes, a partnership can choose an accounting period different from the tax year, but partners may need to adjust their share of profits when calculating tax.
Capital gains are calculated at the partnership level but taxed individually on each partner’s Self Assessment return.
The deadline is 31 January following the end of the tax year, with payments on account due on 31 January and 31 July.
A change in partnership structure must be reported to HMRC, and the leaving or joining partner’s tax obligations will change accordingly.
Yes, the partnership must operate PAYE (Pay As You Earn) and file payroll reports with HMRC, including Real Time Information (RTI) submissions.
If you have any further questions regarding Partnerships or if you would like to speak to one of our accountants for friendly advice and support, please get in touch today.
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For a Free no-obligation consultation with our Manchester accountants, contact us today.
We’ll answer any questions you may have to help you make the right decision for your business.