Giving reassurance that partnership tax compliance is in safe hands and you have the right structure to achieve your goals.
Trading and investment partnerships need to prepare and submit their own tax returns
They do not pay income tax or capital gains tax in their own right, these liabilities belong to the partners, but ensuring that the partnership return complies with tax rules and is submitted to HMRC on time is vital for the tax returns of each of its partners.
We look after traditional partnerships, Limited Liability Partnerships and Limited Partnerships. These structures have different tax issues and opportunities, there are benefits to each and they suit different circumstances. Our clients use them to hold investments and as trading vehicles in their own right. Again, there are a variety of issues that arise and we are well placed to answer all your questions about the partnership tax implications of any of these scenarios.
Many of the partnerships that we act for also have accounting or audit requirements. We collaborate closely to ensure a smooth delivery of all these services, minimising the number of queries and ensuring that we share our understanding of your business.
Tax enquiries are always a risk and although careful preparation of the partnership tax return minimises the chance of a tax enquiry, HMRC also select some cases at random. If your partnership is subjected to a tax enquiry we will support you throughout the process. We correspond with the Inspector, work to provide the necessary information and explain the figures in the tax return on your behalf. Our aim is to agree the figures and get the enquiry closed quickly and without amendment.
Partnerships can be very flexible vehicles for tax planning, but there are also many pitfalls to watch out for. Planning opportunities range from simple adjustments to profit allocations to complex fundholding, co-investment and advisory structure. By working closely with our clients, and understanding their business or investment aims, we can provide pro-active advice that is tailored to the specific circumstances.
Why work with us?
All Lewis Golden clients benefit from our exceptional standard of client care, our depth of experience, and our distinctive approach.
Person to person meeting
We’ll get to know you with an in-depth initial consultation.
We understand your goals
Our team is dedicated to helping you realise your ambitions, and ready to support you at every stage.
We create a plan
We’ll create a structured plan to reach your goals, continuously reviewing your performance and progress towards them.
“Our personal tax team has years of experience advising clients on the complexities of partnership tax returns”
Partner at Lewis Golden
Precision with personality
Let us take your worries away
Our people are what really make us stand out. The Lewis Golden team is made up of brilliant individuals with a wealth of experience and a sharp focus on the work they do.