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
- Conversion to Limited Liability Partnerships
- Capital Gains Tax (CGT) implications of asset disposals
- HM Revenue & Customs (HMRC) Enquiries
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.