The principle is simple – all businesses pay tax on their profit! The first step in the process is always to prepare a set of reliable accounts.
Partners in a partnership pay Income Tax (and National Insurance) on their share of the profit made by the partnership. Each partner will need a tax return and the partnership has a return to submit as well.
To make sure the set-up is best for you, think about the tax implications and this may help you decide which business type is best for you.
If you want to know more or talk about which options suit you best, call us and we will talk it through with you.
If you want to make sure you don’t pay too much tax, or save tax wherever possible, call Astons Accountants who are always happy to help with tax issues.