Partnership Tax Returns

Ensuring you remain compliant

If you are part of a partnership, you’ll need a partnership tax return completing. Page Kirk can make sure your documentations complies with HMRC to give you peace of mind.

What do I need to know?

Crucially, two tax returns are required by partners in a partnership, these are:

Partnership tax return

All partners are jointly responsible for the partnership tax return. The partnership profit/loss is allocated between the partners on the return according to their entitlement.

Individual tax return

Also known as a self-assessment tax return, each partner is responsible for his or her own individual self-assessment tax return.
Find out more information here.

What are partnership tax returns?

A partnership is a business which is owned and managed by at least two partners. The partners are responsible for all aspects of the business, including tax compliance requirements. New partnerships must register with HMRC, and each new partner in a partnership must also register. There are penalties for not doing this in a timely manner. Page Kirk can take care of this for you.

Each partner is assessed to income tax and national insurance contributions based on their share of the partnership profit that falls within their own ‘basis period’. It can be complicated to calculate the assessable profit, particularly in the opening and closing years of the partnership or when joining or leaving a partnership. Page Kirk can prepare these calculations.

The late submission of a partnership tax return or other examples of non-compliance also extend to the individual partners. Each partner will receive a late filing penalty if the partnership tax return is submitted to HMRC late, even if their own individual self-assessment tax returns are filed on time. We will help to ensure that you do not fall foul of any penalties from non-compliance with HMRC; that your tax affairs are up to date; and that you always remain tax compliant.

Whatever your situation, our team of tax advisers in Nottingham can help you ensure your partnership or individual tax return is completed correctly. Contact us today for further advice or to discuss the next steps by calling us on 0115 955 5500 or emailing enquiries@pagekirk.co.uk.

How our service can help you

Our work starts long before we begin to prepare your tax return. We want to ensure that you don’t fall foul of any penalties for non-compliance with the tax authorities and will therefore keep you aware of upcoming deadlines and aspects of compliance. These include:

Ensuring you keep fully compliant and good records, to help you avoid enquiries and penalties from HM Revenue & Customs
Offering a tax return information checklist to save you time getting together all the information we will need
Reminding you to provide exactly what we need to complete your tax return
Making you aware of what to submit (and why), which will ensure that work is done quickly, with as little effort on your part as possible. We want to make it as hassle-free for you as we can

Writing to you at the beginning of the tax year to remind you of some key issues and deadlines
Contacting you If you haven’t submitted your information by a pre-agreed date
Making you aware of your legal obligations, deadlines and potential penalties at all times

Our partnership tax returns service also includes a dedicated client manager, tax advice and consultations.

Why choose Page Kirk for partnership tax compliance?

Partnership tax compliance and administration can be complicated and time-consuming, but Page Kirk can complete all the necessary work on your behalf. We can ensure that you are operating your partnership in a tax-efficient and compliant way, and that the partners pay the correct amount of tax HMRC.

At Page Kirk, our chartered tax advisers are specialists in self-assessment and can provide you with all the advice you need, taking the hassle out of your tax obligations so that you can focus on the things which matter most. We offer:

Access to dedicated tax department with a wealth of experience and expertise
Tax consultants who are Chartered Tax Advisers, ensuring sound and up-to-date advice
A single point of contact so you aren’t being passed from pillar to post

Reliable, professional, tailored and personal service
Quick response times - you will never be left waiting for a reply to an email or call back
Nottingham-based tax advisers with a national and international reach

With Page Kirk, not only will you be compliant with laws and regulations, but you will also be assured that our team will recognise areas for improvement, such as structuring your finances in the most efficient way and making sure you take advantage of tax reliefs and allowances available to you.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on 0115 955 5500 or email enquiries@pagekirk.co.uk.

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Page Kirk is a leading accountancy practice in Nottingham, but we service clients across the country, so wherever you are based, we can help. We will assign you an accountant to assist you in growing your business and improving its efficiency. Contact us to find out how we can help you today.

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From ensuring that you comply with your statutory requirements, to navigating the scaling-up of your business, through to effective profit extraction and dealing with your tax affairs, Page Kirk Nottingham accountants are here for you every step of the way.

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