We can provide tax advice in relation to business partnerships for each individual partner,as well as the partnership as a whole.
With the new tax rulings on dividends and the subsequent loss of significant tax benefits by taking a small directors salary, following the distribution of dividends, partnership formations are becoming an increasingly popular way of running a business enterprise.
A partnership firstly has to be registered with a minimum of two (but up to ten partners). Once a Partnership Tax Return has been completed, each individual partner has to complete a SA100 tax return and declare their individual income. Generally, A SA800 is more complex to complete and wewould be delighted to field any questions.