Our team of experts at DSR Tax Claims aim to make life as simple as possible for you by taking away the hassle of your taxes. Because we know how difficult it can be to get hold of good, quality information about taxes and HMRC regulations, we have created these helpful guides so that you always know where you stand. If you are in a business partnership and you have questions about your self-assessment tax return, have a read through this handy guide – you can also call our friendly team on 0330 122 9972 and let us make life as easy as we can for you.
How do self-assessment tax returns work for business partners?
There are different forms of partnership, such as Limited Liability Partnerships and Limited Partnerships and you will need to decide which type is the most suitable for the business venture you are running. When you run a business based on a business partnership, you are required to register this with HMRC and nominate one of the partners to be in charge of filing a tax return for the partnership. This nominated partner is then responsible for filing the tax return for the business partnership – although each partner will also be responsible for filing their own individual tax return as well.
The partnership tax return will inform each partner of their share of the profits (or losses), which will be needed for each individual partner’s tax return.
As with so many things in life, there are advantages and disadvantages to running your business as a partnership. The main disadvantage is that you are all held responsible if one of the partners does something they shouldn’t – so if the business partnership claims tax relief that it isn’t entitled to, you will all be seen as culpable in the eyes of HMRC. On the other hand, though, they can be an easy way to set up a business of more than one person and you can often find that credit comes more easily to business partners than sole traders.
How can DSR Tax Claims help?
Our team of tax preparation specialists at DSR Tax Claims are experts in HMRC legislation, including those rules surrounding partnerships, so you can be sure that your partnership’s tax return is filed correctly and that you and your partners are only liable for the correct amount of taxed owed and not a penny more. Because it can be complicated to work out the tax returns for a partnership, it is always a good idea to get expert help – that way you can be sure that you’re not paying a penny more tax than you need to. You can also rest assured that you stay on the right side of HMRC and you are not claiming any tax relief that you aren’t entitled to. Call our expert team on 0330 122 9972 and let us get to work making your life simpler – after all, we are the tax experts you can trust.