Category Archives: Latest News

Partnership Tax Returns

Partnership Tax Returns

Running a partnership can be rewarding, offer flexibility and success. However, things can get a bit confusing, especially when it comes to partnership tax returns. The purpose of this blog post is to explain the process involved. What are Partnership Tax Returns? Unlike a limited company or Sole Trader, a partnership doesn’t pay tax. Instead, […]

What You Need to Report as a Partnership

What You Need to Report as a Partnership

Partnerships offer a flexible and popular business structure, but they come with specific reporting requirements that demand attention. In this guide, we’ll break down what you need to report as a partnership, simplifying complex tax jargon into easy-to-understand terms. What You Need to Report as a Partnership Partnership Tax Return The cornerstone of partnership taxation […]

Allowable Expenses for Partnerships

Allowable Expenses for Partnerships

Understanding allowable expenses for partnerships not only ensures compliance with HMRC but can also maximise profits. In this guide, we’ll explore the ins and outs of allowable expenses for partnerships in simple terms. Partnerships, as defined by HMRC, are formed when two or more individuals carry on a business together with a view to making […]

Records you need to keep as a Partnership

Records you need to keep as a Partnership

As a partnership, it’s crucial to keep thorough records of your financial transactions and activities. These records not only help you stay organised but also ensure compliance with tax laws and provide valuable insights into the financial health of your business. In this blog post, we’ll discuss the records you need to keep as a […]

How Do I Pay Myself from a Partnership?

How do I pay myself from a Partnership

One of the most important questions to ask yourself if you run one is, “How do I pay myself from a Partnership?”. In this guide, we’ll explain how partners can pay themselves from their partnership, ensuring compliance with HMRC regulations while also maximising their income. Understanding Partnerships Firstly, let’s clarify what a partnership is. In […]

How to Register a Partnership for Tax

How to Register a Partnership for Tax

Setting up a partnership can be an exciting time. However, it’s crucial not to overlook the necessary steps for tax registration. In this guide, we’ll explain the process of how to register a partnership for tax in the UK. Firstly, it’s important to define what a partnership is for tax purposes. In the UK, a […]

Choosing a Partnership Name

Choosing a Partnership Name

When it comes to going into business with someone else, choosing a partnership name is pretty important. It’s not just a label; it’s the identity that will represent your business to the world. It can also reflect your brand, values, and aspirations. Choosing a Partnership Name First and foremost, it’s essential to understand the legalities […]

How to Set Up a Partnership

How to Set Up a Partnership

When starting a business, choosing the right structure is crucial for its success. One option to consider is a partnership. In this guide, we’ll explain the process of how to set up a partnership, outlining the steps involved and key considerations. How to Set Up a Partnership in detail Understanding Partnerships A partnership is a […]