Jeremy Hunt's Autumn Statement ushers in significant changes, from a noteworthy National Insurance cut to adjustments for self-employed
Book a free 15-minute discovery call to understand your tax needs. Book Now→
Simplify Partnership Tax Returns and Say Goodbye to Stress!
File Your Partnership Tax Return
Are you a UK-based partnership seeking assistance with your tax obligations? Our team of seasoned professionals can provide expert support for your partnership tax return.
Essential Information on Filing Your Partnership Tax Return!
What You Need to Know About Partnership Tax Return
If you are a partnership operating in the UK, filing a partnership tax return is a legal requirement. It must be submitted to HM Revenue and Customs (HMRC) annually to report the partnership's income, expenses, and other relevant financial information..
Self-Assessment
Partnerships use the self-assessment tax system for their tax obligations. This means that each partner's share of the partnership's income is reported on their individual self-assessment tax return. The partnership tax return serves as a summary of the partnership's financial activities.
Unique Taxpayer Reference (UTR)
Every partnership is assigned a Unique Taxpayer Reference (UTR) by HMRC. This UTR is used to identify and track the partnership's tax records and must be included on the partnership tax return.
Deadline for Filing
The deadline for submitting the partnership tax return to HMRC is typically 31 January following the end of the tax year. However, if you choose to file a paper return, the submission deadline is earlier, on 31 October.
Penalties for Late Filing
Late filing of a partnership tax return can result in penalties, starting with a fixed penalty of £100. If the return remains overdue for more than three months, additional penalties apply.
What's Included in Partnership Accounts?
There is no legal requirement to prepare the partnership accounts. But here's the catch: you still need to create a Partnership Tax Return for the HMRC. So, why not do it smart and add a touch of transparency to your financial dealings with your partners?
The partnership accounts usually include the following:
Statement of Financial Position
See where your partnership's money is
Statement of Income
and Expenses
Keep an eye on what's coming in and going out
Notes to the Accounts
Share the finer points
Member's report
Partner Insights
Simplify the filing process for your partnership tax return with our expertise!
Why Choose us for your
Partnership Accounts & Tax Return?
We are specialist accountants and tax advisers for your property business! The service delivered by our qualified and experienced team is tailored as per your needs. Our accomplished tech-embedded service with exceptional property tax insight makes us stand out from the rest.
Expertise
We specialise in partnership taxation, ensuring accurate and compliant preparation of your tax return through up-to-date knowledge of tax regulations.
Tailored Solutions
We provide custom solutions tailored to your unique partnership structure, ensuring accurate preparation and optimised tax efficiency for your partnership tax return.
Compliance Assurance
We diligently review financial information, applying relevant tax laws to ensure compliance before filing your partnership tax return with HMRC.
Timely Filing
Our efficient and proactive approach to tax preparation allow us to deliver timely results, avoiding any late filing penalties and keeping you in good standing with HMRC.
Proactive Tax Planning
We go beyond just preparing your tax return. We offer proactive tax planning advice to help optimise your tax strategies, and ensure you are benefitting from available tax reliefs.
Cost-Effective Solutions
Our services deliver exceptional value, offering competitive pricing without compromising on the expertise and quality we provide to meet your accounting needs.
Our Process
How We Work
Experience seamless partnership tax return preparation with us. Our expert team guarantees efficiency, accuracy, and compliance every step of the way. Trust us to handle your tax return with precision and professionalism, while you focus on your business's success.
Initial Consultation
We conduct an initial consultation to understand your partnership's unique tax requirements including its structure, and any specific tax considerations.
Data Collection
We collect all the necessary financial data, ensuring its accuracy and completeness, including bank statements, invoices, receipts, and other relevant documents.
Preparation and Calculation
Using analysed data, we prepare the partnership tax return, calculating tax liability based on income and relevant regulations while accounting for eligible deductions and allowances.
Review and Finalisation
We conduct a thorough review to ensure accuracy, compliance, and address any queries or concerns, making necessary adjustments before finalisation.
Submission and Filing
Upon your review and approval, we submit your partnership tax return to HMRC on your behalf, ensuring timely filing and maintaining a good standing with tax authorities.
Ongoing Support
Our commitment extends beyond preparing and filing partnership tax return. We provide ongoing support, including tax planning and addressing queries throughout the year.
Here is our awesome team
At UKPA, it is done by a team of people evolved from different walks of life. Trained and experienced in property and real estate tax, accounting and compliance matters, most of them are qualified as Chartered Accountants, Chartered Tax Advisers or Chartered Financial Analyst.
Our Blogs
Read Our Recent Articles
UK Autumn Statement 2023 Unveils Sweeping Tax Reforms and Business Boosts
The UK Autumn Statement 2023, delivered by Chancellor Jeremy Hunt, has outlined significant changes to the UK's tax
Autumn Statement 2023: Tax Cuts, Business Measures, and Economic Growth
The Chancellor, Jeremy Hunt, is set to unveil significant announcements in the Autumn Statement 2023, with expectations of
Unlocking the Value of Property Accountants in Real Estate Finance: A Detailed Exploration
In the world of real estate accounting, where numbers meet feelings to guide decisions, artificial intelligence (AI) is
Derbyshire Homeowner’s £100k Stamp Duty Loss: MDR and HMRC Ruling
In a recent legal twist, Jonathan Ralph, an executive at a wealth management firm, faced a stamp duty
LLP Incorporation – A Complete Guide
If you're considering starting a business in the UK, you may want to explore the option of forming
Inaccurate Self-Assessment Tax Returns Leaves Property Owner with £100k Penalties
In a recent Capital Gains Tax case at the First Tier Tribunal, a property owner, Sunday Salokun, who
Register of Overseas Entities: Non-Compliance & Penalties
The Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduced a new register, the Register of Overseas
De-Enveloping UK Property: A Case Study
The practice of enveloping UK properties within corporate structures has been a well-established strategy for managing and optimising