Partnerships tax

Whether your organisation is a traditional partnership, a Limited Liability Partnership (LLP) or a Limited Partnership (LP), we provide tailored tax advice and compliance services to turn tax planning into a strategic advantage for your partnership.

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Strategic tax advice for partnerships

Navigating the complexities of tax compliance and planning is a continual challenge for Partnerships across various sectors. With the change in basis period rules effective from April 2024, Partnerships face the challenge of understanding and adapting to these new regulations.

Our dedicated Partnerships Tax team offers significant experience and expertise in addressing these challenges. We provide a comprehensive and efficient service tailored to the unique needs of Partnerships, their individual partners, and their families. Our advice spans across professional practices, property, and financial services, across all aspects of tax planning, ensuring that our clients are not only compliant but also positioned to take advantage of strategic opportunities.

Our commitment to you is to turn tax compliance and planning from a challenge into an opportunity for growth and stability, allowing you to focus on your core business.

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How we can help

Partnership tax services

Our proactive approach means we are already advising many partnerships on any impending tax changes and their potential impacts. We help Partnerships to confidently navigate regulatory shifts, to make informed decisions about year-end changes, cash flow management, and business structure.

Our service is comprehensive and attuned to your specific needs. As a full service firm, we provide compliance and advisory services relating to:

Partnership Tax return preparation
Self-Assessment tax returns for partners
Partners’/Members’ tax retention/reserve policy and management
For corporate members:
- Corporation Tax returns
- R&D tax relief claims
- Advice on tax liabilities (including quarterly instalment payments)
VAT returns and advice
Advice on:
- Salaried members’ rules
- Abolition of the tax basis period
- Mixed partnership rules
Tax efficient structuring advice, including transferring Partnerships to LLPs
International tax compliance and advice
Tax planning advice for partners, e.g., for property ownership, retirement, Inheritance Tax, etc

Webinar: Salaried Members’ Rules Changes – Key Considerations for LLPs

Join our Partnerships and Employment Tax teams for an insightful webinar who will discuss the changes to HMRC’s guidance, the risks to LLPs and the actions LLPs and their members should be taking now.

LLPs: HMRC’s new salaried members rules guidance on capital contributions

The rules tax the members of an LLP as employees if three conditions are all met: Condition A: it is reasonable to expect that at least 80% of an individual member’s total remuneration is ‘disguised salary’ (which does not vary or which varies but without reference to the LLP’s profits); Condition B: the individual member […]

Salaried member rules update in light of BlueCrest Capital

Background The original FTT decision was published on 29 June 2022. In our previous article, we explained that the SM rules set out three conditions that, if all met, meant the member is treated as an employee of the partnership for Income Tax and National Insurance (NI) purposes. In the appeal to the FTT, the […]

Have you thought about transitioning your practice from Ltd to LLP? AAT Comment

In the past, accounting practices typically operated as traditional partnerships, with a significant number transitioning to Limited Liability Partnership (LLP) status over the last 23 years. Most of the top 100 practices are structured as partnerships. Limited company setups are often associated with acquisitions by private equity firms. However, transferring a business from a limited […]

Their clear and practical advice has helped us manage our reporting and cashflow following the changes to the tax basis period rules. Managing the acceleration of the tax point for some of our profits and communicating this to all our partners has been key.