What is a Partnership in Business ​

A partnership is an association of two or more individuals or organization in which they pool money, skills, and other resources, and share profit and loss in and each partner pays tax on their share. The partners in a partnership may also be groups of individuals, companies, and corporations.

Tax Responsibilities of Partnership

You must register your partnership and its members individually with HMRC. Individual partners pay their Income taxes and national insurance through self-assessment tax returns. If the partner is a company, then it must registered for corporation taxes with HM Revenue and Customs (HMRC) and pay taxes accordingly.

Accountant, tax advisor, business consultant in London, Hackney, Ilford, Barking, Romford, England
Accountant, tax advisor, business consultant in London, Hackney, Ilford, Barking, Romford, England

How our Tax Adviser can help partnership? 

Involving in partnership is great for your business especially when you find synergies to grow in partnership business however, when it comes to filing tax returns for partnership and its partners, things get complex for some people.

MJ Support & Co is firm of dedicated tax advisors, accountants and business consultants who are supporting sole traders in looking after their accounting and tax matters and making sure their businesses are fully compliant with HMRC. 

For partnership businesses, we provide range of services including, for example, partnership tax returns, year-end accounts, bookkeeping, payroll and VAT returns.pat

Whilst freeing up your valuable time, we strive to provide our clients with flexibility and freedom to grow business without worrying about the accounting needs and tax responsibilities as well as taking full advantage of all potential financial benefits.

accountants Business Advertising
View Our Business Listing