Is your business a partnership? Get the best advice on filing your returns and minimise your tax liability. Book our free 60 minute health check today. Give us a ring on 01228 586790 to book one now.
Whether you're an already established partnership, or looking to start one, MoynanSmith Chartered Accountants and Tax Advisers in Carlisle can help. Partnerships are business structures with at least two 'partners'. Partners can be individuals or limited companies. There is no corporation tax applied to partnership businesses. Instead each partner pays income tax on their share of profit. All partners must also complete their own personal self assessment form and pay national insurance. One nominated partner completes and sends an annual partnership self assessment tax return.
Partnerships leave owners with unlimited liability. This means each partner has responsibility to pay off any debts the business may incur. You're able to avoid this liability by opting instead for a Limited Liability Partnership (LLP).
There are numerous benefits of setting up as a partnership, including:
Want help with your partnership tax return? Or considering setting up a partnership company? Whatever your need, MoynanSmith will help. Our team of chartered accountant and chartered tax adviser will set you on the right path. You'll save time figuring out complex tax legislation and save money by paying as little as you need to. What's more is, you'll be able to focus on what's really important; the running of your business.
Ease your business structure worries, fill out our contact form, or give us a ring on 01228 586790 for a quicker response.