Partnership Tax Returns

Our partnership tax return service in Medway, Swale and Kent area ensures partnership firms meet all their tax obligations by minimising their tax liability, staying compliant with HMRC, and allowing partners to focus on running the business.

Here’s how we can assist you with your partnership tax returns

1. Registration and Setup

We help register your partnership with HMRC and ensure that each partner is also registered for Self-Assessment. One partner is nominated as the “nominated partner,” responsible for filing the partnership’s tax return and maintaining accurate business records.

2. Preparing and Filing Tax Returns

We help prepare the annual partnership tax return (SA800), which details the partnership’s income, expenses, and how profits or losses are allocated among partners according to the agreed profit-sharing ratio.

They also ensure that each partner receives a statement of their share, which must be included in their individual Self-Assessment tax returns.

3. Calculating and Allocating Profits

After preparing the accounts for the partnership, we allocate profits or losses to each partner based on the partnership agreement. Each partner will be taxed individually on their share, similar to being self-employed, with income tax and National Insurance calculated accordingly.

4. Advising on Tax Efficiency

In addition, we advise partners on how to structure profit-sharing to minimize tax liabilities, ensure all allowable expenses are claimed, and check National Insurance contributions. We also provide valuable guidance on changes in tax law, such as anti-avoidance rules for mixed member partnerships, to keep the firm compliant and tax-efficient.

5. Meeting Deadlines and Avoiding Penalties

We help your partnership meet the mandatory deadlines for filing and payments and avoid penalties for late submissions and costly mistakes. We provide support to ensure all documents are accurate and submitted on time.

Lets talk about Partnership Tax Returns