Business Taxation

 

Owners of these types of business do not pay corporation tax. Instead you pay income tax on your share of profits assessed through your individual tax return.

Partnerships and LLPs also have to send a Partnership Tax Return to HM Revenue & Customs.

Both individual and partnership tax returns must be sent to HM Revenue & Customs. The deadline for submitting these forms and paying the tax is 31 January following the end of the tax year (5 April).

Most business owners will also have to make interim tax payments on 31 January and 31 July each year on account of that fiscal year prior to calculating the final liability. If the payments on account are in excess or short of the actual income tax liability, an adjustment is paid or refunded on the following 31 January.

 

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