Partnership Tax Returns
All partnerships must prepare an annual set of accounts and a partnership tax return. Getting it wrong can be expensive and keeping up to date with all of the changes in allowances it not always easy.
All partners share the responsibility of all aspects relating to the partnership business and although profits or losses are reported on the Partnership Tax Return, each partner must also report their share on their individual Self-Assessment Tax Return for the year.
We can prepare the partnership accounts and tax returns ensuring that all reporting requirements are met and the correct amount of tax is paid over to HMRC.