Entering into a partnership with another person, multiple people or with a limited company, means that you share profits and debts. Talk to us about duties and responsibilities before you form your bsuiness structure.
Have a question?
Get A Free Quote
Have a question?
Get A Free Quote
Partnership Registration by Expert
In order to enter into a legal partnership, there are number of ways it can be setup. A simple ordinary business partnership resgitration can be registered with HM Revenue and Customs. Limited Liability Partnerships can be registered with companies house and treated as like limited companies. We can help you and your partner/partners every step of the way, ensuring that you understand the shared tax return process.
Partnership Registration Advice
We always advice clients of the best structure to suit their business plan and operations. This will enable them to forecast tax payments in their business plan. When you register a partnership, special attention should be given to the calculation of taxable profits which can be quite complex. Deductions must be claimed in terms of expenses before the share of the profits is allocated between partners, with the tax for each tax year being based on the 12 months of profits.
Class 4 NIC and income tax become due on 31st January and 31st July in any year, with the payments being based on half of the partnership’s total liability. Late payments have a surcharge and fees levied. Partners are subject to a 2 tier NI system with Class 2 contributions being required as well as class 4 contributions on all profits over the threshold. Many partnerships fail to make adequate provision for funds to pay their Class 4 NI and income tax, and as interest on any unpaid tax is chargeable by HMRC, it is important to make sure that payments are made in full and on time. The difficulties associated with submitting a partnership tax return can be reduced by using a skilled accountant who can use their professional experience and knowledge to ensure the correct information is submitted.
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
Got a question?
Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Frequently Asked Questions
Most frequent questions and answers
There are three type of partnership registration. First one is ordinary partnership resgistation, Second is Limited Partnership and thrid is Limited Liability Partnership.
In Limited Comapny and LLP liability of share holder and partners is limited but in partnership its personal liability of partners running the business. Limited Partnership is diffrerent because of its structure.
Normally its registered same day, but sometimes if documents are submitted late to companies house it may take 24 hours to register LLP. General Partnerships are registered with HMRC andmay take 7-10 days.
You shoud be aware if you are registering a partnership, you will become personally liable for the debts and money you owe to creditors. Its best to talk to us about the bsuiness structure.
Free advice for our clients
Our Services For Business
Our clients are our assets and we take every step to look after them and provide them the advice and support when ever they need.
LET US KNOW IF YOU NEED HELP WITH SWITCHING ACCOUNTANT
It has never been easier to switch accountants. You just need to sign our engagement letter and we will do the rest.
Read our Latest Blog
If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.