A type of business structure where you share all the business’s profits between the partners, and each
This is a type of business structure where you share all the business’s profits between the partners, and each pays tax on their share.
Each year, the partnership must send a Partnership Tax Return to the Inland Revenue. Additionally, each partner must also send an annual Personal Tax return, pay income tax on their share of the partnership’s profits and pay National Insurance.
As partners’ income can be made up of unpredictable drawings rather than an income that is guaranteed, it can be difficult for some lenders to assess what a partner can borrow. Our mortgage advisers are very familiar with lending to partners and will be able to help you understand the options available to you.