GBSLEP

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.

Date last updated: 01/06/2015