Partnership
Tax Return
✔ Chartered Tax Advisers
✔ Fixed fee | No surprise bills
✔ Big 4 expertise at a fraction of the price
✔ Helped over 200 Partnerships with tax returns
Why Choose Us
Quick Turnaround
We aim to have most tax returns prepared within 3 to 5 days of receiving all the information from you - no more waiting months to hear back from your accountant.
Fixed Fee
No surprise bills after work completion. A fixed fee is agreed in advance and you know exactly how much you pay.
Tax Experts
Every partnership tax return is prepared by our team of Chartered Certified Accountants and Chartered Tax Advisers with extensive partnership experience.
Affordable prices
Our unmatched expertise doesn't come with sky high prices. We are a boutique practice based in the heart of London. We intentionally keep our overheads minimal and pass on the savings to our clients.
Partnership Complications
Most accountancy practices have no expertise when it comes to partnerships. Our team members trained within the partnership tax team at Big 4 and can deal with the most complicated partnerships.
Our Process
Choose Your Package
Select the package most relevant to your circumstances and get in touch now.
Quick triage and fixed quote
Provide a brief overview of your circumstances and we will confirm the fixed fee in writing.
Provide Your Documents
You give us the go ahead and provide your AML documents. We also provide a tailored checklist to help you compile the relevant documents for your tax return.
Tax Return Preparation
We start working on your tax return once documents are received. The tax return is prepared by experts and then reviewed internally before it's shared with you.
Your Approval
You review the tax return and provide your approval in writing. We submit the tax return to HMRC.
Aftercare
We advise you of the tax liability and payment deadline. Our team is also available to answer any questions you may have.
Pricing
Below are the most common tax returns we work on and our starting prices for such returns. Fixed fee quote will be provided when you get in touch.
Property Partnership
- Includes:
- Partnership tax return (SA800)
- Partnership statement for each partner
- Bookkeeping review
- Income and expense analysis
Trading Partnership
- Includes:
- Partnership tax return (SA800)
- Partnership statement for each partner
- Bookkeeping review
- Income and expense analysis
Limited Liability Partnership
- Includes:
- Accounts production
- Partnership tax return (SA800)
- Bookkeeping review
- Companies House filings
Common Scenarios We Deal With
Trading Partnerships
Limited Liability Partnerships
Partnership Capital Gains
New Partnership Registration
Property Partnerships
Partners Joining And Leaving The Partnership
Partnership Basics
Who Needs To File A Partnership Tax Return?
A formal partnership business exists during the tax year
A limited liability partnership exists during the year
HMRC has issued a notice to deliver a partnership tax return
The partnership has trading income, rental income, foreign income or capital gains
Who is responsible for filing the Partnership Tax Return?
The
nominated partner (or designated member for an LLP) is legally responsible for
submitting the partnership return. If the return is late or incorrect,
penalties can apply to each partner. We guide you through the process, keep
everything on track and correspond with HMRC on your behalf.
Frequently asked questions
Yes, we commonly work with our clients to register their partnership with HMRC.
Yes, we certainly do. Limited liability partnerships are different from the normal partnership as they need to be registered with Companies House and have special rules that only applies to LLPs.
We aim to have most partnership tax returns ready within 3 to 5 days of receiving all the information.
Once you sign up for the tax return service, we will provide you with a tailored checklist and you will know exactly which documents to provide.
We first need a proof of ID and address for all partners to comply with our professional body's AML requirements. After that, we send across an engagement letter to the nominated partner (designated member for LLPs) to digitally sign and return to us.
Yes, we are registered as tax agents with HMRC. You can authorise us to deal with HMRC on your behalf if you wish and we will correspond with them going forwards.
The legal responsibility to file the partnership tax return remains with the nominated partner for normal partnerships and the designated member for LLPs. We manage the end to end process and ensure that the partnership tax return is filed accurately and in time.
The partnership tax return needs to be submitted to HMRC by 31 January following the end of the tax year.
Each partner gets an immediate late filing penalty of £100 if the partnership tax return is not submitted by the deadline.
Yes, the partnership does not pay any tax. It is the partners who pay tax on their share of the partnership income. We work with you on the partnership profit allocation and provide a partnership statement for each partner.
Yes, an amended partnership tax return can be filed with HMRC within 12 months of the original filing deadline.
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