Company directors and partnership taxation

We provide company directors and partners in professional services firms, medical and dental practices with a bespoke personal taxation service.

All partners in business partnerships have a personal responsibility to comply with the HMRC self-assessment rules, both within the partnership and also as individual self-employed tax payers.TPL 2020 21

Each partner, like any other self-employed individual, is personally liable for income tax and NIC on his/her share of the partnership profits.

We will provide you with guidance and advice on a range of issues, including:

  • Setting up a partnership, or if you are joining or leaving an established partnership.
  • Converting to LLP status – if you are not an LLP it is likely that each partner will have joint and several liability for the business’ debts.
  • Tax and NIC registration, preparation of partnership and personal tax returns, including advice on allowable business expenditure and any reliefs that may be available e.g. share of trading losses, pensions, capital gains relief on asset disposals.
  • Wealth management planning

Our Tax Planning for Life guide provides a host of of tax and financial planning opportunities for individuals, couples, families and company directors. It also provides a few simple steps that you can take now so that you do not pay a penny more in tax than HMRC is due in this tax year. Download the guide >click here