Partnership Tax
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.
£150 +VAT
Partnership Tax
£150 +VAT
365 days’ access
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
Author
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.
13 reviews for Partnership Tax
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Sikandar Iqbal –
great learning material love it
Victoria Hearsey –
A little basic but some good refreshers, particularly with regard to VAT on change from sole trader to partnership.
Kate Davison –
Very easy to use and engaging format, liked the combination of videos, scenarios and articles. Covered all aspects of admin, how to recognise, calculations and was useful.
Karen Fairbrother –
I do feel that there could have been more content in areas of the course. More examples/scenarios would have assisted with some of the questions. I found that additional to the modules, I had to do my own searching for more information, which was a little disappointing.
Victoria Efstathiou –
Brilliant. I would have liked to see more double entry on the partnership capital accounts. Opening, introduced etc. How to account for these
Sarah Holloway –
Excellent – dealt with the main issues
Ian McDougall –
Covered off the basics very well, mix of video and notes good
Mark Robbins –
Good overview
Anthony Ali –
Explained in detail the rules of partnerships
Mark Ray –
Thomas Slack –
Easy to understand and logical structure
Catherine Linsey –
A decent general refresher course, but some sections seem quite old e.g. reference to tax payments by cheque (only).
Stuart Lynn –
deal with a few partnerships with some potential retirements coming up so good to get some insight