If you are self employed, and working in partnership with one or more people, you will need to submit an annual self assessment tax return.
But firstly the Partnership must calculate its profits in order to split it between the various partners.
As your accountants, we will ensure that the Partnership and individual self assessment tax returns are submitted correctly, on time and that all allowances available are claimed, therefore minimising your tax liability.
Paper returns are due by 31st October and online returns are due by 31st January following the end of the tax year, 5th April.
How We Help Partnerships:
- We process your invoices and receipts.
- We calculate any further allowances due to you.
- We prepare an income and expenditure account for the Partnership.
- We split the profits according to the Partnership agreement.
- We present the capital accounts of each partner.
- We prepare the Partnership tax return.
- We prepare each partners’ self assessment tax return.
- We calculate how much tax each partner is due to pay and when by.