A separate tax return is required to be submitted to HMRC to provide confirmation of partnership profit shares. The partnership tax return submission is often forgotten, causing unnecessary fines and penalties.
Partnership tax return pages can be tricky, often misunderstood by individuals. Aston Shaw has a fully compliant tax team to ensure the partnership tax return is correct and income sources within the partnership are reported correctly, in line with HMRC’s reporting standards.
The partnership services we offer include:
- Preparation & submission of partnership return to HMRC
- Partnership profit share analysis – available tax savings
- Partners current accounts
- Cessation and overlap profits
- Basis periods
- Loss carry back availability
- Terminal loss relief
Being a small and medium-sized enterprise (SME) has its perks; there are a number of tax benefits available, some of which have proved very useful. Unfortunately, many SMEs lack a knowledge of the benefits available to them which results in them unfairly missing out on what they’re entitled to. While there are many different tax […]