Partnerships

Even the strongest relationships can suffer in times of adversity. Good planning is an essential part of creating a successful business partnership. Our guides provide information on important aspects of your partnership, such as setting up a formal agreement and planning for the unexpected. It is essential to seek our advice with regard to partnerships matters.

Did you know that if you have no partnership agreement, then the provisions of the Partnership Act of 1890 apply?
If you form a partnership, you must register it separately with HMRC even if the partners have previously been self employed. If the partners are new to business, they must also register individually. Partnerships are registered with a dedicated HMRC partnership team, based at Longbenton near Newcastle.
An LLP is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. They are intended for businesses which carry on a trade or profession, and are particularly attractive to larger professional partnerships.
From 6 April 2014, there is an exception to the general rules for some LLP partners. This exception does not apply to partners in other types of partnership.
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Benefits in kind are assessed on all directors and employees whose salary and benefits combined are £8,500 or more.
In order to attract a deduction in computing the profits of a trade or business, any expenses must be incurred wholly and exclusively for the purpose of the trade.
The rules that determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.
HMRC charge interest on underpayments of tax, and pays interest (repayment supplement) on overpayments.
There are over 100 forms prescribed by the Companies Act 2006. We list below these and include a link to all the forms which can be downloaded direct from Companies House.

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