In the UK, taxes associated with a partnership structure are referred to as partnership taxes. In a partnership, two or more people work together to run a business with the goal of turning a profit. Partners are personally responsible for the debts and obligations of the partnership because partnerships are not distinct legal entities.
The Income Tax (Trading and Other Income) Act 2005, which lays out the procedures for calculating a partnership’s profits and losses for tax purposes, governs partnership taxation in the UK. Although partnerships are exempt from corporate taxes, each partner is still liable for paying taxes on their portion of the partnership’s gains or losses.
We are uniquely qualified to provide advice from both a business and personal perspective because we are a full-service firm. We put together a specialised team around you and your partners to deliver a solid, trustworthy service you can rely on and one that adapts to your changing needs.
Our partnership tax team will relieve you of the strains associated with specific procedures and replace them with a framework for compliance procedures and the management of your partner’s personal wealth.
Our advisors work with partnerships in the UK and abroad, including general trading partnerships and investment partnerships as well as professional partnerships like law firms, wealth managers, and accountants.
We also have a dedicated team of medical accounting specialists who have extensive experience advising medical professionals within the NHS and private healthcare sector.