TAXguide 01/14
IHT Business Property Relief - Interests in Partnerships LLPs and surplus cash holdings. Guidance agreed with HMRC (ICAEW Tax Faculty, CIOT and STEP)
Partnership taxation
Expert commentary and practical guidance from ICAEW on the taxation of partnerships within the UK business tax regime
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
Features and articles
Changes for Limited Partnerships on the horizon
The Economic Crime and Corporate Transparency Bill’s requirements for Limited Partnerships could affect many private fund managers. George Metcalfe, a partner at law firm Freeths, explains what the proposed changes mean in practice.
Defining general, or ordinary, partnerships for tax
Mark McLaughlin examines the challenges around determining the existence of a general partnership of individuals, including spouses and civil partners, and offers useful tips.
Tax issues in mixed partnerships
Andrew Constable highlights the tax issues to be aware of when a partnership has both individual and corporate partners.
HMRC’s power to issue joint and several liability notices explained
HMRC can issue notices to transfer tax liabilities of companies and limited liability partnerships to directors, shadow directors and other individuals connected with managing the business
Capital gains tax: partnership or company?
Mark McLaughlin looks at the distinction between partnerships and companies for business asset disposal relief (BADR) purposes in relation to pre-trading activities and capital gains tax, focusing on Wardle v Revenue and Customs.
Book reviews: Taxation of Partnerships and Taxpayer Safeguards and the Rule of Law
Andrew Constable and Pete Miller review the latest guides for tax advisers – Taxation of Partnerships, First Edition by Paul Howard; and Taxpayer Safeguards and the Rule of Law, First Edition by Robin Williamson, respectively.
Ten things you need to know before making partner
Here are some issues to look out for when approaching a professional partnership
Legal set out ownership and valuation clearly tax avoid traps with careful business design
The article explains the legal issues when a farming partnership comes to an end because of the retirement, bankruptcy or death of a partner.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Partnerships
A chapter on partnerships in this annual guide for professional advisers, highlighting tax planning opportunities and potential pitfalls.
Partnership law
A chapter on partnership law, covering the three types of partnership, relation of partners to third parties and between themselves, termination of partnership and other practical matters.
Spouses, civil partners and family partnerships
Chapter providing expert guidance on dealing with spouses, civil partners and family partnerships in relation to partnership taxation.
Partnership taxation
A comprehensive examination of the law and best practice relating to the taxation of partnerships in the UK.
Capital allowances
Chapter providing expert guidance on capital allowances in relation to partnership taxation.
Construction Industry Partnerships
Concise chapter providing guidance on partnership taxation for businesses in the construction industry, which are subject to the Construction Industry Scheme ('CIS').
Accounts and audit of limited liability partnerships
Provides comprehensive guidance on how to apply UK GAAP to limited liability partnerships, as well as the process for auditing an LLP.
The law and practice of limited liability partnerships
A chapter on the law and practice of LLPs, covering the legislation, incorporation, forming an LLP, the members' agreement, designated members, duties and responsibilities of members and whistleblowing protection.
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The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
Partnerships
A full chapter on the taxation of partnerships, including limited partnerships and LLPs. It focuses mainly on Income Tax, but includes a detailed subsection on Capital Gains Tax.
Taxation of small businesses, 2022/23
A one-volume guide to direct taxation of a small business.
Income from self-employment: partnerships
This chapter covers the income tax for individuals who are members of a partnership, particularly the calculation of the share of profit and loss belonging to each partner. For tax purposes, limited liability partnerships will usually be subject to the same rules.
Limited Liability Partnerships
This section on Limited Liability Partnerships (LLPs) looks at the nature of LLPs, their formation and the rights and liabilities of LLP members.
Hot topics in financial and legal matters for general practice
A guide to financial and legal issues for GPs and managers of medical practices.
Raising venture capital
Guide to the fundamentals of the venture capital industry.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Representations
ICAEW REP 036-23 The Reporting on Payment Practices and Performance Regulations
A representation dated 3 May 2023 to a consultation published by the UK Government in January 2023.
ICAEW REP 77/21: Basis Period Reform
Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW in its response to HMRC's consultation on aligning basis periods with the tax year. ICAEW has urged the government not to implement to proposals.
ICAEW REP 107/20 VAT grouping-establishing, eligibility and registration
A response dated 23 November 2020 to a consultation published by HMT on 28 August 2020.
ICAEW Rep 03/18
F2B 17-19 Clause 18 and Schedule 6 - Partnerships
Further support
Useful links
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Self Assessment: detailed information on GOV.UK
Information, guidance and forms relating to various aspects of the Self Assessment system.
Changes to reporting income from self employment and partnerships
Guidance from HMRC on the new tax year basis (also known as Basis Period Reform), which applies from 6 April 2023.
Partnership Manual
HMRC internal manual providing guidance on business partnerships and how they are taxed in the UK. It covers Self Assessment, calculating taxable profits, mixed member partnerships and international aspects, LLPs, and other tax obligations.
PSC requirements for companies and limited liability partenerships
Guidance for companies, limited liability partnerships (LLPs) and eligible Scottish partnerships on the register of people with significant control (PSC) requirements.
Tax factsheet: Partnership taxation
Factsheet explaining the rules re-attributing profits in mixed member partnerships and the salaried members rules applying to LLPs.
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