Partnerships Accounts - from 29 per month.

Easy Tax will complete the partnership accounts; partnership tax return and the personal tax return for each and every partner from only 29 per month.  We also file all tax returns on line.  For LLP's please contact us.

Our clients consist of partnerships between husband and wife up to doctor & solicitor practices with up to 10 partners.  We provide what has proved to be an excellent service.

In preparing Partnership Accounts we ensure that each partner only pays the amount of tax they should by checking the following: 

  • Under the current year basis of assessment, each partner is taxed individually.
  • New partners joining a partnership are taxed separately on their share of the profits as if they started a new business when they joined the partnership  - (ITOIA 2055, s850).
  • While the partnership itself continues, the rules for the opening years apply to each partner as they join.
  • Self-assessments of the existing partners are not affected by the admission of the new partner.  Each existing partner is assessed according to the normal rules on their share of the profit per the accounts, as adjusted for disallowable expenditure, not-taxable income and capital allowances.
  • Profits of the incoming partner which are assessed more than once will qualify for overlap relief.
  •  Each partner is taxed separately on their share of profit therefore overlap relief, when given, is a personal entitlement.
  • Profits are divided between the partners in the profit-sharing ratio of the period of accounts.  This may include a specific allocation of some of the capital allowances, for example where the assets are owned individually by the partners.
  • Should any partner be a "connected person" they are subject to additional reliefs and charges.
  • Ensure the partnership claims all the write down allowance (WDA) it is entitled to.
  • Prepare and maintain the asset register for the partnership.
  • Where there is a loss in the current period to claim this relief on the individual partners tax return should the partner so wish.  Even if the partnership makes a profit it may be that certain partners incur a loss.
  • Loss shares are personal to the partners, and each partner may choose whether to claim relief for their share of the loss against general income under "ITA 2007, s64" (the s 64 claim being extended by "ITA 2007, s71) to include capital gains if the partner so wishes.
  • There is a partnership agreement. 

For more details on having us handle your partnership accounts and taxation please contact us via our contact page.

 


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Site updated: 19 February 2016