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
Are you one of the two types of people no longer required to submit a self-assessment tax return? Simple Assessment first took effect in September 2017, which means some taxpayers no longer need to disclose information about their income via a self-assessment tax return. The term ‘Simple Assessment’ may ring a bell, it’s a term […] Read more