Partnership Tax Returns

Ensuring you remain compliant

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Partnership Tax Returns

If you are a member of a partnership, you'll require a partnership tax return to be prepared. Leewop can ensure your documentation aligns with HMRC regulations, providing you with peace of mind.


What do I need to know?

Importantly, partners in a partnership are required to file two tax returns:

Partnership tax return

All partners share joint responsibility for the partnership tax return. The allocation of partnership profit/loss among partners on the return is based on their respective entitlements.

Individual tax return

Also known as a self-assessment tax return, each partner is responsible for his or her own individual self-assessment tax return.
Find out more information here.


What are partnership tax returns?

A partnership is a business entity owned and managed by a minimum of two partners. Partners bear collective responsibility for all aspects of the business, including fulfilling tax compliance obligations. New partnerships are required to register with HMRC, and each incoming partner must also undergo registration. Failure to do so promptly may result in penalties, but Page Kirk can handle these procedures on your behalf.

Each partner is subject to income tax and national insurance contributions based on their respective share of the partnership profit within their own 'basis period'. Calculating assessable profit can be intricate, especially during the partnership's inception or dissolution, or when partners join or depart. Page Kirk can assist in preparing these calculations.

The late submission of a partnership tax return or other examples of non-compliance also extend to the individual partners. Each partner will receive a late filing penalty if the partnership tax return is submitted to HMRC late, even if their own individual self-assessment tax returns are filed on time. We will help to ensure that you do not fall foul of any penalties from non-compliance with HMRC; that your tax affairs are up to date; and that you always remain tax compliant.

Whatever your situation, our team of tax advisers in UK can help you ensure your partnership or individual tax return is completed correctly. Contact us today for further advice or to discuss the next steps by calling us on +92 302 4012116 or emailing contact@leewopconsultancy.com.


How our service can help you

Our work starts long before we begin to prepare your tax return. We want to ensure that you don’t fall foul of any penalties for non-compliance with the tax authorities and will therefore keep you aware of upcoming deadlines and aspects of compliance. These include:

  • Ensuring full compliance and meticulous record-keeping to prevent inquiries and penalties from HM Revenue & Customs
  • Providing a tax return information checklist to streamline the gathering of necessary information, saving you time
  • Prompting you to furnish the exact information required to complete your tax return accurately
  • Informing you about what needs to be submitted (and why), facilitating swift completion of tasks with minimal effort on your part. Our aim is to make the process as hassle-free as possible for you
  • Writing to you at the beginning of the tax year to remind you of some key issues and deadlines
  • Contacting you If you haven’t submitted your information by a pre-agreed date
  • Making you aware of your legal obligations, deadlines and potential penalties at all times

Our partnership tax returns service also includes a dedicated client manager, tax advice and consultations.


Why choose Leewop for partnership tax compliance?

Partnership tax compliance and administration can be complicated and time-consuming, but Leewop can complete all the necessary work on your behalf. We can ensure that you are operating your partnership in a tax-efficient and compliant way, and that the partners pay the correct amount of tax HMRC.

At Leewop, our chartered tax advisers are specialists in self-assessment and can provide you with all the advice you need, taking the hassle out of your tax obligations so that you can focus on the things which matter most. We offer:

  • Access to dedicated tax department with a wealth of experience and expertise
  • Tax consultants who are Chartered Tax Advisers, ensuring sound and up-to-date advice
  • A single point of contact so you aren’t being passed from pillar to post
  • Reliable, professional, tailored and personal service
  • Quick response times - you will never be left waiting for a reply to an email or call back
  • UK -based tax advisers with a national and international reach

With Leewop, not only will you be compliant with laws and regulations, but you will also be assured that our team will recognise areas for improvement, such as structuring your finances in the most efficient way and making sure you take advantage of tax reliefs and allowances available to you.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

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