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Partnerships are businesses owned and controlled by more than one person.
In a partnership each partner is taxed as a self employed individual, similar to a sole trader, and has to submit a self assessment tax return. Each partner is responsible for paying tax and national insurance on their share of the profits.
Partnership Tax - Although not taxable in its own right the partnership must also submit a partnership tax return. This will show the profits and adjustments to give taxable profits which are then shared amongst the partners.
Partnership Agreement - There is no requirement in law to have a partnership agreement however it is strongly recommended that such an agreement is drawn up. Partnership law is old and the default position in the absence of a partnership agreement can be unexpected.
Partnership accounts - are simpler than those of a limited company and a partnership does not have to make financial information available at Companies House.
If you are a Partnership looking for help and advice please contact us.
Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438
61 Friar Gate - Derby - DE1 1DJ