Partnership Tax

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Revised and up to date for 2024/25. Partnerships are a popular trading vehicle but the tax involved is complicated. This course covers partnership taxation in detail and highlights the many complexities to consider.

£100 +VAT

4 CPD hours

120 days’ access

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Use ACPD101 for 10% off any purchase.

Partnership Tax

£100 +VAT

4 CPD hours 120 days’ access
Use ACPD101 for 10% off any purchase.

Partnership Tax

This course is not currently available. To find out more, please get in touch.

This course will enable you to

  • Understand the structure of partnerships and examine the formalities of partnership taxation
  • Learn how partnership profits are calculated and shared between the relevant partners
  • Deal with the taxation if a partnership changes
  • Recognise tax compliance obligations, including completing and submitting the partnership statement to HMRC

About the course

A partnership is a popular trading vehicle through which two or more people can own and run a business together. And for accountants, the tax involved continues to be an interesting subject area. In many ways, partnerships do not fit well into the UK tax system. HMRC appear to have an increasing perception that partnerships can be exploited for tax avoidance purposes.

This course gives you a good understanding of the taxation of partnerships, including how partnership profits are calculated. It also highlights the many complexities to consider, along with the compliance issues involved with this area.

Revised and up to date for 2024/25. Including changes to the basis periods of all partnerships and limited liability partnerships, and the changes to the tax basis that affect partnership profits.

Please Note: This course only covers tax in the United Kingdom

Contents

Partnerships

A complicated arrangement?
What is a partnership?
Is it a partnership?
Partnerships
Partnership agreement
Why partnership matters

Income and gains

Partnership profits and their allocation
Partnership profits
The cash basis
Basis periods
How are partnerships taxed?

Dealing with changes

Changes in partnerships
A new partner
Retiring partners
VAT and taxation of profits

Administrative matters

Administration and tax provisions
Partnership tax returns
Deadlines
Partnership accounts and providing for tax payments
HMRC enquiry procedures for partnerships
Penalties for non-compliance

How it works

Author

Sarah Laing

Sarah Laing

Sarah is a Chartered Tax Accountant (CTA) and a member of the Chartered Institute of Taxation (CIOT). Sarah currently works as a freelance tax author providing technical writing services to the tax and accountancy professions.