Partnerships

Partnerships have a unique culture as a business trading medium. As a partnership ourselves, we understand this culture and offer a range of support services that the typical partnership may require:

• Advice on creating, and the contents of, a Partnership Agreement,
• Comparing the tax cost of trading as a partnership versus trading as a limited company,
• Preparing statutory accounts,
• Examining the possibility of becoming a limited liability partnership,
• Preparing the self assessment tax returns of the partnership and the individual partners,
• Pre-year end tax planning advice.

Disclosing and then agreeing your personal tax liability with HM Revenue & Customs is principally achieved by the completing and filing of both the partnership and a personal self assessment tax return. Clients who are fearful that these disclosures may be investigated by HM Revenue & Customs may wish to consider taking out our fee protection insurance.

Understanding this complicated tax system and paying the minimum amount of personal tax, at the correct time, through the correct mechanism, is what most clients seek. Speak to our tax technicians and put your mind at ease. We may even be able to suggest ways to restructure your affairs to save further tax.

Practical Examples of our Partnership Expertise

Advising on tax relief on the interest suffered by individual partners who have borrowed money personally to introduce cash into the partnership. The current debate over FRS 5 Application Note G, concerning valuing Work In Progress for professional services partnerships.

Advising in relation to tax efficient and motivational profit share policies. Advising on future structure when a partnership disagreement results in cessation of the existing business structure.