Partnership Tax
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Partnership Tax

Is your business a Limited Liability Partnership (LLP)?

A LLP has a number of tax considerations for the individuals who are members. They provide the flexibility of a partnership with the limited liability of its members. They are popular with professional entities and must be distinguished from an ordinary partnership and a rare limited partnership.

Generally, partnerships are seen to be ‘transparent’. Tax is not payable by the partnership itself, but by each member. Each partner’s share of the partnership income is added to their taxable income and therefore, tax is paid on the total of his or her earnings. This includes their share of the partnership profits. Also capital gains are apportioned to each partner.

However, there are a number of tax considerations for LLPs, including but not limited to:

  • Registering of self-employed status
  • Income Tax
  • Non-trading income
  • Partners personal expenses
  • Interest relief
  • National Insurance Contributions (NIC)
  • Capital Gains Tax
  • Salaried Members
  • Mixed member partnerships

With so many implications, why not contact our expert Tax Team to help guide you through the taxation of your Limited Liability Partnership?  We will provide you with detailed guidance, so that your business can avoid any tax charges and meet your financial obligations.

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This is an excellent question. Yes, there may be issues with IR35 in these situations but any contract work needs to be looked at on its own merit. If you have taken on a separate contract with a different company, that’s totally independent from your employer, then that contract will need to be evaluated. If
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