Supporting Partnerships and LLPs with both their business and personal needs.
As a full-service firm, we are uniquely placed to advise from both a business and personal perspective. We build a specialist team around you and your partners, providing a robust, reliable service that you can be confident in, one that flexes as your needs do.
Our partnership tax team will take the stresses of certain processes away, and in its place will put a structure around compliance processes and the management of your partner’s personal wealth.
Our advisers work with partnerships across the UK and internationally including professional partnerships such as law firms, wealth managers and accountants, general trading partnerships and investment partnerships.
We also have a dedicated team of medical accounting specialists who have extensive experience advising medical professional within the NHS and private healthcare sector.
Our services include:
- Preparation and submission of partnership/LLP returns
- Where required, returns will be prepared under both corporation tax and income tax rules
- Preparation and submission of tax returns for individual partners
- Changes in partnership sharing ratios on partners joining or leaving the partnership
- Disposals of partnership trade and/or assets
- Incorporation of partnerships
- Planning around partner drawings
- Review of the mixed member partnership rules where there are corporate and individual partners
The Basis Period Reform will be introduced in April 2023 and from then on, all unincorporated businesses will be assessed on profits arising in the tax year rather than on the profits from the accounts ending in the tax year.
For any business that does not have an accounting year running to 31 March/5 April, they will need to look at the options available to comply with these changes.
We can support you in identifying a solution for your business and your team.
Get in touch
Our team have a vast array of experience in advising Partnerships nationally. If you would like to understand how Mazars can support you, please do not hesitate to get in touch.
Get in touch