The structure of a partnership differs greatly from that of a limited company. As a result, the tax treatment of partnerships can be a complex matter.

There is a personal responsibility for all partners in a business partnership to comply with HMRC self-assessment rules. These rules apply not only to the partnership itself but also to the individual as a self-employed taxpayer.

Although partnerships are a common option for businesses looking to grow in a tax-efficient manner, individuals within the partnership are personally liable for the debts of the business as well as being responsible for managing their own tax affairs. As a result, the LLP (Limited Liability Partnership) structure has become a popular, indeed preferred, option for many.

With our knowledge, gained from working with a number of partnerships across a variety of business sectors, we can offer a bespoke service to company directors and partners in professional services firms.

We can provide practical help and guidance on a number of related issues such as partnership returns, converting to LLP status and the dissolution of partnerships to name but a few. Please contact us to discuss your requirements further.