Accounts
» Partnership Issues
A partnership is increasingly the choice of entity for a business.
However with the introduction of the current year basis of assessment
under self assessment each individual partner is treated as
if he were a sole trader in receipt of his share of the partnership
profits.
The tax arising is no longer charged to the partnership but
falls on each individual partner, although a partnership return
is still required.
We can advise in the following areas : - Compliance
In dealing with the tax affairs of the partnership and helping
to ensure that the partnership return is submitted within
the statutory deadline.
Completion of the individual partner's tax returns, calculation
of their tax liabilities and advising on the submission and
payment of these by the relevant statutory deadlines.
Dealing with the Inland Revenue on behalf of the partners
in relation to their income tax returns and liabilities thereon.
Revenue Enquiries & Investigations
Wiith the introduction of self-assessment a business can expect
to be selected for investigation at least once in its business
life. Although we cannot guarantee against an investigation,
we have experience in dealing with the Inland Revenue which
can be of assistance in reaching a settlement and also in
making the process as stress-free for our clients as possible.
As previously stated we have experienced, qualified staff
who are very capable in dealing with the Inland Revenue in
these circumstances.
As ever we believe in strongly defending what the rights of
our clients.
Year End Tax Planning
We provide comprehensive year end tax planning procedures
with a view to limiting the partner's tax liability. These
procedures look to maximise the available tax relief whilst
being tailored to the business needs of the partnership.
As well as looking at ways of reducing the taxable profit
arising out of the partnership we can also look at ways of
structuring the individual's affairs so as to be more tax
efficient. We refer you to the points made in relation to
personal tax planning.
Tax Planning
As with any other business entity virtually every transaction
has a tax consequence and it is crucial to consider the tax
implications of each transaction.
From due diligence to the review of legal agreements, we can
limit and quantify the tax implications of a transaction.
We can also advise on the tax implications of the entrance
and exit of a partner to the partnership and develop a strategy
so as to minimise the tax effect of the change in partnership.
We can review the capital gains tax implications on the partners
where the partnership disposes of assets.
This is a brief review of some of the services we offer in
relation to partnership issues. Should you wish to make further
enquiries on the above or any other areas please do not hesitate
to contact us.
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