Partnership Income Tax

A partnership is a relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. Each partner is effectively taxed as if he were a self-employed business, with profits equal to his share of the profits of the firm. So, instead of tax being deducted from your earnings at a source, you must be prepared to receive a bill at some time in the future. This can be an unwelcome surprise if you have not put enough money aside. We aim to give you as much warning as possible of the likely timing and amount of tax payments.