Partnership taxation

Partnerships and LLPs are subject to very specific tax rules and it’s important that individual partners are confident they have the right financial advice.

Gettyimages 481292847 WEB

Tax rate card 2024/25

Our tax rate card gives tax rates and related information for the 2024/25 tax year, as announced in the Spring 2024 Budget.

The current HM Revenue & Customs self-assessment regime places an increasing compliance burden on individual partners, while complex rules surrounding partnerships require the expertise to navigate often onerous tax obligations.

We know that partners often find it difficult to devote sufficient time to their own personal financial affairs. We can help with a wide range of issues including identifying appropriate tax and financial planning opportunities, assisting with the information needed for tax compliance purposes and developing a personal financial strategy for individual partners.

How we can help

Our highly experienced team of tax professionals will manage the partnership’s tax liabilities and explain the tax position in a clear, coherent manner. We can help with:

  • Compliance: helping with the partnership and partners’ tax returns, advising on tax payments and liaising with HMRC
  • Structuring: advising on the structuring of, for example, onshore and offshore expansion and/or acquisition
  • Financial education: holding regular compliance clinics for partners, as well as identifying tax and other financial planning opportunities
  • Counselling: providing expert wealth management advice from our teams to develop a personal financial strategy tailored to each partner’s specific needs and goals
  • Succession planning: providing specific advice to new partners on the opening year rules and assisting with exit strategies for retiring partners
  • Reserves: liaising with the partnership to ensure accurate tax reserves are maintained for each partner
  • Overseas: helping with international structuring and advice for partnerships and partners with overseas interests

Why choose Evelyn Partners?

You’ll get a very personal service tailored to the precise needs of your partnership that balances the interests of the firm and individual partners.

Our in-house colleagues include an experienced professional practices team who can provide you with a range of services where required.

We’ve been advising professional practices on their tax affairs for numerous years.

This information is for UK residents only.

If you are a US-connected client of Evelyn Partners, see our US website.