Tax Responsibilities For A Limited & Liability Partnership
Tax for limited liability and limited partnerships
Every year, the partnership must send a partnership Self Assessment tax return to HM Revenue and Customs (HMRC).
All the partners must:
- send a personal Self Assessment tax return every year
- pay Income Tax on their share of the partnership’s profits
- pay National Insurance
You must also register the partnership for VAT if you expect your business’s takings to be more than £82,000 a year.