Businesses run as partnerships must tell the tax man how much they have earned,and what their expenses were for the past year. This needs to be done on a self-assessment tax return every 12 months. Items such as travel expenses, mobile phone calls and postage are all tax deductible.
You need to complete a tax return for the partnership and one for each of the partners involved.
We look after lots of taxes for partnerships in the UK.Our tax services are flexible and customisable to your needs, sometimes clients ask us to just complete the partnership tax return, and sometimes they ask for returns for the partnership and all partners. We are unlike other accountants, in the sense that we focus on individuals rather than large businesses, meaning we can focus entirely on you and your taxes. We’ll talk to you about your individual situation and figure out precisely what you should be claiming for. After this conversation we will be able to proceed with completing the tax returns and submitting them for you online to HMRC.