Partnership tax

Apple Accounting Services Ltd understand the tax issues that Partnerships face on a day-to-day basis. Our team specialise in supporting Partnerships and can provide a wide range of tax-based services, including:

  • Compliance, commencement and cessation
  • Admission of new Partners and Partner cessations
  • Dividend Taxation
  • Financing
  • Conversion to Limited Liability Partnerships
  • Capital Gains Tax (CGT) implications of asset disposals
  • HM Revenue & Customs (HMRC) Enquiries

Dividend Taxation

As of April 2016, the way that tax is applied to Dividends has changed – and Partnerships and limited companies alike need to be aware of these changes.

The old Dividend Tax Credits have effectively been abolished and dividends are now subject to tax liabilities. A flat rate personal dividend allowance of £5,000 now applies, as opposed to the old ten per cent tax.

Any dividends received in excess of this allowance are now taxed at:

  • 7.5 per cent if dividend income is within the standard rate (20 per cent) band
  • 32.5 per cent if dividend income is within the higher rate (40 per cent) band
  • 38.1 per cent if dividend income is within the additional rate (45 per cent) band

For more information about how our team could help you, please contact us.

We can also provide advice and planning on Payroll and VAT compliance matters.