We at SRM Accountants we prepare and submit Partnership Self-Assessment returns on behalf of our clients. We also prepare the tax computations for the partnership, and for the individual partners.
Tax returns for partners and partnerships
If your business is run as a partnership you’ll have to complete an individual Self Assessment tax return (SA100). If you send a paper tax return, you’ll also have to fill in the partnership supplementary pages (SA104).
The nominated partner must also complete a Partnership Tax Return (SA800) – showing each partner’s share of the profits or losses. This might include supplementary pages too, depending on what types of income the partnership has.
The nominated partner is responsible for sending in the partnership tax return. But all the partners will be jointly liable for any penalties and interest if the tax return is late or inaccurate.
Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits