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.
Look inside
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
- Jumping ship
- 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
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| Access to this course | ||||
| Total CPD unitshourshours | 4 unitshourshours | 21 units20 hours21 hours | 1,500+ unitshourshours | 1,500+ unitshourshours |
| Access period | 120 days | 120 days | 12 months | 12+ months |
| Audit-proof CPD completion certificate | ||||
| Immediate access to our entire CPD catalogue | ||||
| Monthly webinars, 15-minute CPD Bites, video interviews with industry leaders, and more! | ||||
| Account manager on hand to support your team’s needs | ||||
| Learn more | Learn more | Learn more | ||
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