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A partnership is a type of business that is owned and run by multiple people, known as partners.
Partnerships and limited companies file different kind of tax returns
Limited companies need to file:
- Annual Accounts with the Companies House
- A company tax return with HMRC
Partnerships file:
- Only a partnership tax return with HMRC
- Their partners also have to file individual Self Assessment tax returns with HMRC
Partners and directors of limited companies also earn money and pay taxes differently
- In limited companies, directors can pay themselves a salary (taxed via PAYE) and, after the company pays corporation tax, directors can also pay themselves dividends (taxed through Self Assessment)
- In partnerships, the partners divide the profit between themselves, according to their share – each will then pay Income Tax and National Insurance through a Self Assessment tax return
Frequently Asked Questions
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We need support with organising our company accounts in order to register for corporation tax - can you help?
Of course! We advise that you start a comprehensive spreadsheet to keep track of your taxable income and relevant expenses throughout the year in order to make your tax return more straightforward. This can be done on an Excel spreadsheet or Google sheet to keep things simple! You can also get corporate accounting services from our dedicated experts – Contact our team for more advice today!
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Which accounting software platforms should I be using?
This all depends on your business and your own needs and preferences. We have experts in Sage, Xero, QuickBooks, Free Agent and more. Speak to our accountants today to discuss your options and we can find the best solutions for you!
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