Partnerships and Limited Liability Partnerships (“LLPs”) are popular business vehicles but they are subject to very specific tax rules and it is important that individual partners are confident they have the right advice.
Whilst the flexibility of Partnerships and LLP’s often makes them the optimal business vehicle for a wide range of business sectors, the specific tax rules that apply to them have become increasingly complex in recent years and must be navigated carefully.
We know that partners often find it difficult to devote time to their own personal financial affairs. Our team of specialists apply their knowledge and experience to advise partnerships and support individual partners with their personal finances.
Our services include:
- Completion of the partnership and partners’ tax returns, advising on tax payments and liaising with HMRC.
- Liaising with the partnership to ensure accurate tax reserves are maintained for each partner.
- Explain partners’ individual tax liabilities to them including advising new partners on the opening year rules, and identifying individual tax and financial planning opportunities.
- Providing specific advice to new partners on the opening year rules and assisting with exit
strategies for retiring partners, including Capital Gains and Inheritance Tax mitigation.