If you are in a partnership then you will need to complete a partnership tax return. This tax return needs to be submitted to HMRC by the 31st January after the end of the tax year.
Each partner in the partnership will also need to complete a self assessment tax return.
Your self assessment tax return will also need to show other income sources for the year (e.g. property, bank interest).
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You and your partnership can claim many types of expenses – some are detailed below.
SPECIALIST PARTNERSHIP ACCOUNTANTS
We provide accountant services to partnerships and their partners all over the world. Helping our clients through the entire process is what we do best; from registering, to advising on tax allowable expenses and preparing & submitting their tax returns. We make it Dead Simple for you.
We can advise on further expenses for your tax return and minimise your tax liability.
WHAT EXPENSES CAN PARTNERSHIPS CLAIM?
Our team of qualified accountants can guide you through all the different expenses that you can include on the tax return, so that you can save tax. We’ve listed below some of the most common expenses:
- Accountancy fees
- Business insurance
- Business travel in own vehicle
- Business travel on public transport
- Cost of sales
- Interest and finance charges
- Legal fees
- Protective clothing
- Recruitment fees
- Repairs and renewals of property and equipment
- Small tools
- Subscriptions to professional bodies
- Training and courses
- Use of home as office
- Wages and staff costs