Providing tailored tax services for company directors and partners in professional services, medical, and dental practices.
It's crucial for all partners in business partnerships to comply with the HMRC self-assessment rules, both as members of the partnership and as individual self-employed taxpayers.
Each partner is personally responsible for paying income tax and NIC on their share of the partnership profits, just like any other self-employed individual.
We can 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
We provide a host of tax and financial planning opportunities for individuals, couples, families and company directors.
Get in touch to find out what simple steps you can take now, so that you do not have to pay a penny more in tax than HMRC is due this financial year.