Chartered Certified Partnership Tax Returns in London

Partnership Tax Returns London

Partnerships for start-ups

If you want to start a business venture with one or more individuals, there are two options to do this. One way is to set up a limited company and the second is to form a partnership. A partnership is a flexible arrangement and comes with many advantages.

A partnership structure can take many forms, for example, it can include partners who are taxed as self employed and can also hold "corporate members", i.e. limited company(s). This means a company can use cash to "invest" into a partnership trade. Partnerships are transparent for tax purposes, this means, a trading partnership does not pay tax, it is the partners/members that pay tax (or share tax losses) according to the partnership agreement.

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It is always worth exploring the partnership route rather then a staright out limited company when starting up or expanding a new venture. We have significant experience in this area and would be happy to discuss your circumstances. Contact Us for an initial consultation.

Some of the commonly asked questions are:

  • What are the advantages/disadvantages of a partnership
  • What are the legal and tax obligations of a partnership
  • Are partnerships tax efficient

Partnerships for professional services, investment funds and property developers

A Limited Liability Partnership (LLP) is a popular vehicle these types of ventures. This tends to be a specialist area and not all accountants or tax advisers are able to navigate this field.

If you are thinking about outsourcing your accounts and tax compliance, we can provide you with a complete outsourced accountancy and tax solution at a cost effective price. In addition, we can also work with your externally appointed auditors at the year end.

Some of the commonly asked questions are:

  • I am in a partnership and want to discuss my circumstances
  • A partner wants to join/leave the partnership
  • We want to bring a partnership to an end
  • We want to transfer the partnership into a limited company
  • HMRC have enquired into the partnership and we need help

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