HM Revenue and Customs (HMRC) may let you pay your self-assessment tax bill by instalments if you are unable to pay your self-assessment tax bill due to Coronavirus (COVID-19). You must contact HMRC as soon as possible to arrange especially if you have had already missed your payment.
HMRC telephone helpline if you have any questions about your corporation tax, self assessment, VAT, PAYE and payroll compliance, tax credits and so on.
HMRC stands for HM Revenue and Customs. They are the official Tax Authority in the United Kingdom. HMRC provide dedicated telephone helpline for specific tax related subject matters to help businesses and companies to deal with their tax matters efficiently.
Ensure you dial the correct numbers to avoid being transferred from department to department to reach the right person to speak to.
For general help, you may tweet with @HMRCcustomers.
A partnership tax is a tax on a partnership. Partnership is an organization with more than one person jointly running a business. Partnership is a very popular form of business structure for many professionals, solicitors, barristers, legal advisers, consultants, accountants, architects and engineers in the United Kingdom.
Ordinarily, each partner is taxed individually in a partnership. Just like as if each partner is a sole trader. In other words, partners are taxed as if they were running their own self employed business. Under the partnership tax rules, each partner is responsible for his or her own tax bill. Partners must include share of partnership profits or losses in their self assessment tax calculation and tax return.
In addition to income taxes, partners must also pay class 2 and class 4 national insurance contributions to HM Revenue and Customs.
Salaried partners are normally taxed under the employee scheme called Pay As You Earn (PAYE) scheme and are not required to submit self assessment tax return if they have no other income except their salaries.
It is the partnership responsibility to deduct the salaried partners’ income taxes and national insurance contributions and pay it’s over to HM Revenue and Customs.
Difference between ordinary partnership and Limited Liability Partnership
Limited Liability Partnership (LLP) is a legal body corporate by its own just like a limited company. The main benefit of trading as LLP are that partners are not personally liable for their business debt provided they are not negligent. Partners’ personal liability are limited to the amounts of capital contributed to the LLP. Partners’ personal assets are safe if the business fails in this respect. This is contrary to normal partnership rules.
There are formal compliance requirement in registering a limited liability partnership. You must submit your LLP incorporation application with Companies House.
Generally your LLP is governed by the Limited Liability Partnership Act 2000. Normal partnership is not governed by the LLP law.
For income tax purposes, partners in your LLP will be taxed as if they are in an ordinary partnership.