Partnership tax returns

Entering a business partnership is an exciting time for your career. Not only are you heading up a shared business, you’re not having to do it alone. You have support and a shared vision at your side. Unfortunately, that doesn’t extend to your tax liabilities. In fact, tax returns for partnerships can require a bit more work than your standard self-assessment.

What tax return do I need to fill out?

In an unincorporated business partnership, you won’t incur a corporation tax bill, but both you and your partner will need to fill out a self-assessment tax return. In this return, you’ll have to declare any profits your partnership makes in the tax year, as well as a breakdown of how it’ll be split between you.

If it’s your first time filing this return, you’ll need to register by 5 October in your business’s second year. The deadline for online filing and payment is then 31 January after the end of the tax year.

Partnership tax returns also need an extra level of detail. There’s an extra page (SA104) for us to complete on your behalf, which sets out the partners’ ownership share to work out how much tax you owe individually. We’ll work with you to make sure it’s done and dusted in plenty of time.

Situational assessments

Not all partnerships are between two individuals, as you can also partner up with a limited company. This will change the tax return process, so it’s important to know your role and reporting requirements. Differing deadlines and deductions are just the tip of the iceberg, but we can navigate around the challenges and keep you on course.

We think it’s in our clients’ best interests to leave the admin work for us to take care of. What’s the point in running a business when you have to spend all your time on paperwork? You should be overseeing everything, making sure it’s up to your standards.

Potentially cutting the costs

Not only will our partnership tax return service help you get your submissions to HMRC on time, but it could potentially lower your tax liability too. By reporting all of your allowable expenses, you may be able to claw back some of the costs your business accrues over the year. You could also be eligible for tax relief on specific business activities. If so, we’ll let you know and claim it on your behalf.

We offer more than the standard tax return for partnerships, instead providing support and advice throughout your whole business journey. From setting up your partnership and registering for your returns to guiding you on capital allowances or tax-efficient cost cutting, we’re here to help.