Owner-Managed Businesses Guidance

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Partnerships

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Latest Guidance
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27 Jun 2019

IntroductionThis guidance note explains the tax rules that apply when a partner leaves a partnership. For the position when a new partner joins the partnership, see the...

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27 Jun 2019

IntroductionThis note explains the tax rules that apply when a new partner is admitted to a partnership. For the position when a partner leaves the partnership, see the...

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27 Jun 2019

The use of corporate entities alongside individuals as partners in partnership or LLP structures has become increasingly common. This is particularly true following the...

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27 Jun 2019

Calculation of partnership lossesPartnership trading losses are computed in the same way as profits. Once the partnership loss has been computed, it is allocated between...

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27 Jun 2019

Where the ‘salaried members’ rules apply, they bring a member of an LLP within payroll immediately. Therefore, members caught by this rule may be liable for PAYE. ITTOIA...

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27 Jun 2019

IntroductionThis note explains the general rules for the calculation of partnership profits before allocation to the partners. Once the partnership profits are...

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27 Jun 2019

This guidance note discusses the application of entrepreneurs' relief for partners only. See also the Entrepreneurs’ relief guidance note. For further guidance, see...

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27 Jun 2019

IntroductionIt is not always clear whether a partnership exists. Some guidance can be found in the Partnership Act 1890, and the courts have provided a significant volume...

OMB_tax_img9
27 Jun 2019

This note explains the legal requirements that must be met in connection with the incorporation of a Limited Liability Partnerships (LLP)(s), what forms need to be...

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27 Jun 2019

Note:This is a verbatim copy of Statement of Practice D12. It was revised in September 2014 following recommendations made by the Office of Tax Simplification (see...

Latest Guidance
OMB_tax_img2
Owner Managed Business

IntroductionThis guidance note explains the tax rules that apply when a partner leaves a partnership. For the position when a new partner joins the partnership, see the...

OMB_tax_img4
Owner Managed Business

IntroductionThis note explains the tax rules that apply when a new partner is admitted to a partnership. For the position when a partner leaves the partnership, see the...

OMB_tax_img2
Owner Managed Business

The use of corporate entities alongside individuals as partners in partnership or LLP structures has become increasingly common. This is particularly true following the...

OMB_tax_img3
Owner Managed Business

Calculation of partnership lossesPartnership trading losses are computed in the same way as profits. Once the partnership loss has been computed, it is allocated between...

OMB_tax_img7
Owner Managed Business

Where the ‘salaried members’ rules apply, they bring a member of an LLP within payroll immediately. Therefore, members caught by this rule may be liable for PAYE. ITTOIA...

OMB_tax_img7
Owner Managed Business

IntroductionThis note explains the general rules for the calculation of partnership profits before allocation to the partners. Once the partnership profits are...

OMB_tax_img9
Owner Managed Business

This guidance note discusses the application of entrepreneurs' relief for partners only. See also the Entrepreneurs’ relief guidance note. For further guidance, see...

OMB_tax_img
Owner Managed Business

IntroductionIt is not always clear whether a partnership exists. Some guidance can be found in the Partnership Act 1890, and the courts have provided a significant volume...

OMB_tax_img9
Owner Managed Business

This note explains the legal requirements that must be met in connection with the incorporation of a Limited Liability Partnerships (LLP)(s), what forms need to be...

OMB_tax_img8
Owner Managed Business

Note:This is a verbatim copy of Statement of Practice D12. It was revised in September 2014 following recommendations made by the Office of Tax Simplification (see...