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Partnership tax return service

Self Assessment tax returns for partnerships

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A partnership is a business which is owned and managed by more than one person. The partners are jointly responsible for all aspects of the business and will share the profits. Partnerships have a requirement to complete and submit a self-assessment tax return to HM Revenue and Customs (HMRC).

Ensure you are as tax-efficient as possible

While running a business as a Sole Trader is straightforward, it may not be your most tax-efficient structure. We advise on how to set up and run a Limited Company.

RR Accountants will ensure you can claim every viable business expense to offset the tax you pay. Your RRA accounting costs can be offset against tax.

At £30,000 profit and above, it is almost certainly more tax efficient to start your own Limited Company. Ask for a free Tax Computation from your expert advisor.

If you have already chosen the Sole Trader product, do check with your Client Manager when will be the right time to upgrade to the Limited Company product so you can save on tax.

Saving you time and money

Who we can help

We're here to happily support anyone who needs a hand with their accounting needs

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We believe everything should be easy, so we've built the most intuitive accounting software ever, with real experts at the touch of a button. All in one place.

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Our expert accountants follow the bylaws, regulations, and ethical guidelines of the ACCA.

Save time and money, we file on your behalf

We ask you a few questions to prepare all of the information for HMRC and then get filing.

Partnership Return

File from just

£150.00

+VAT

Included:

Self Assessment

Unlimited accountancy support

HMRC registration (UTR)

Dedicated client management

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What is a partnershiptax return? Flower

Partnership tax return

All partners are jointly responsible for the completion of the partnership tax return. The total partnership profits, losses and other income are allocated to the individual partners on the return according to their profit share entitlement.

There are two returns that must be completed for partnerships:

Individual tax return

Each partner is responsible for the completion of his or her own individual tax return. They must complete the partnership pages from the details entered into the partnership return.

Frequently asked questions about

Partnership Tax

Who needs to file a partnership tax return?

All partners involved in business activities must file a partnership tax return. It's a legal requirement to ensure compliance with tax regulations and reporting obligations.

When is the deadline for filing a partnership tax return?

Partnerships and partners must report profits and losses to the IRS. The partnership tax return is due within 12 months after the end of the accounting period it covers.

What are the penalties for late filing or errors?

HMRC may penalise late filing, errors, or inaccuracies on partnership tax returns. Timely and accurate submission is crucial to avoid penalties. The IRS imposes a penalty of $220 per partner per month for late filing.

What taxes are payable by partnerships?

Partnerships in the UK are typically liable to pay income tax on their profits. Partners may also be individually liable for income tax on their share of partnership profits.

Can I claim expenses on my partnership tax return?

Yes, legitimate business expenses can be claimed on the partnership tax return, helping to reduce the taxable profit.

What records should I keep for my partnership tax return?

You should maintain records of all financial transactions, invoices, receipts, bank statements, and other relevant documents for at least six years.

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Information Hub

Helpful Sole Trader resources

Looking for sole trader advice and guidance before paying for our service? We've got you covered.

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Calculators

Check out our easy to use Tax calculators.

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Free Invoices

Save time on invoicing with our free invoice templates.

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Video

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