Tax issues to consider on the incorporation of a general partnership
Partnerships with corporate members: how will new rules affect your clients?
A limited liability partnership (LLP) consists of the taxpayer and a limited company. The company has taken the largest profit share but this is undrawn, while the taxpayer has an overdrawn account
Authorised tax agents can now use a single spreadsheet to register ten or more partners in a limited liability partnership (LLP) for self assessment and National Insurance, rather than having to fill in individual forms SA401 or SA402.
The nominated partner must sign the spreadsheet, which has to be completed in a font no smaller than 12 point Times New Roman.
The information to be included depends on which of four types partner is involved, but the LLP’s name, address and unique taxpayer reference should be supplied in all cases.
JH and IM Ward (and related appeals) (TC3248)
In 2002, a sole trader transferred his business to a limited liability partnership with a corporate partner. The company’s profit share pays for a small salary to the trader and generates entitlement to state second pension
By Sarah Laing; £98; paperback; 338 pages; Bloomsbury Professional
Partnership taxation deserves a firm and clear statutory basis
Interim report plans to patch up “fiscal footwear”
The implications of Finance Bill 2014’s changes to rules for mixed partnerships