Partnership and Corporation Tax Returns
For many businesses, it is when the partnership or corporation tax return comes round that any ideas of tax savings come to mind. We promote a proactive mindset when thinking about tax savings. It’s a year-round concern, not a once a year thought when the form needs to be filled in.
We have experience across the board when it comes to business taxation, from tiny partnerships to £60+million turnover companies. Rest assured we can handle your businesses tax return with the expertise, care and attention it deserves.
We are thorough with our approach to tax computation, we believe understanding your business is the key to maximising your tax savings. A full analysis of potential capital allowances and one eye on the future of your business will ensure the advice we give is well thought out and most importantly, minimises your tax bill.
Payroll and CIS FAQ's
WHAT IS THE DEADLINE FOR MY PARTNERSHIP RETURN?
The same as your self-assessment. 11:59pm on the 31st January
WHAT IS THE DEADLINE FOR MY CORPROATION TAX RETURN?
The deadline for payment of corporation tax is 9 months and 1 day after your year-end, but the deadline to file the return is 12 months after your year-end. We always file your corporation tax return at the same time as your annual accounts, so your corporation tax should never be filed late.
WHAT IF MY PARTNERSHIP HAS MADE A LOSS?
Trading losses may be used against other trading income, capital gains or profits of the same trade. However, not all losses may be claimed; sometimes the amount of loss you claim is restricted or limited. We will let you know the best use of your losses.
WHAT IF MY COMPANY HAS MADE A LOSS?
You can claim for the loss to be offset against future profits or profits from the earlier 12-month period. There are many factors that affect this decision. We will let you know the best use of your losses.
WHAT ARE CAPITAL ALLOWANCES?
Capital allowances are a type of tax relief for businesses. They let you deduct some or all the value of an item from your profits before you pay tax. The most common allowance is plant and machinery but there are other allowances for things like structures & buildings and research & development.
WHAT IS MARGINAL RELIEF?
Marginal Relief provides a gradual increase in Corporation Tax rate on profits between the small profits rate and the main rate – this allows you to reduce your corporation tax rate from the 25% main rate.
DO WE HAVE TO SPLIT OUR PARTNERSHIP PROFITS 50/50?
No, it is completely up to you how you split your profits. You cannot however retrospectively change the allocation of profits after the end of that accounting period. We will be proactive and make sure any advice about profit allocation is made early.
HOW MUCH TAX WILL I PAY ON MY SHARE OF PARTNERSHIP PROFITS?
This depends on your total income declared on your self-assessment. Click here to see the current income tax rates.
HOW MUCH CORPORATION TAX WILL I PAY?
The main rate of corporation tax is 25%. If your profit is below £50,000, you will qualify for the small profits rate of 19%. If your profit is between £50,000 and £250,000, you will qualify for marginal relief and If your profit is over £250,000, your tax rate is 25%.
HOW DO I PAY MY PARTNERSHIP TAX BILL?
Click here to see how to pay your partnership tax bill. You will need to quote a reference with your payment. This will change every year, we will let you know what it is.
HOW DO I PAY MY CORPORATION TAX BILL?
Click here to see how to pay your corporation tax bill. You will need to quote a reference with your payment. This will change every year, we will let you know what it is.
WHAT ARE THE PENALTIES FOR NOT FILING MY PARTNERSHIP RETURN?
The initial penalty is £100 for each partner. The longer you leave it the higher the penalty gets.
WHAT ARE THE PENALTIES FOR NOT FILING MY CORPORATION TAX RETURN?
The initial penalty is £100. The longer you leave it the higher the penalty gets.