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Partnership Tax

We act for a range of professional firms and partnerships including dental and medical practices, vets, solicitors, estate and land agents, chartered architects and chartered surveyors.

Drawing on our experience of working with likeminded professionals, our tax experts can provide advice and guidance in the following areas, including:

  • Advice on forming a Partnership or an LLP
  • Succession and exit planning
  • Compliance and consultancy
  • Personal tax for partners
  • Preparation of both partnership and personal tax returns
  • Advice on VAT registration
  • Capital Gains Tax advice

Partners within a business partnership have the responsibility to comply with self-assessment rules as individuals, as well as for the partnership itself.

Partners are personally liable for income tax and national insurance contributions on their own individual income, as well as having joint liability for business debts. If the partnership chooses to become a Limited Liability Partnership (LLP) the rules around liability are different.

We regularly advise on practice management issues and tax planning in relation to LLPs and individuals. Alongside our tax experts we draw on the experience and expert knowledge from across the firm, including forensic accounting and expert witness, VAT consultancy and management consultancy; giving an all encompassing service offering the best knowledge and expertise to our clients.