Inheritance Tax

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What taxes do partners pay?

Partners pay three different taxes to HMRC based upon their share of profits:

Income tax – based upon a percentage of how much your share of the profit is;
Class 2 National Insurance contributions – a fixed fee each week; and
Class 4 National Insurance contributions – also based upon a percentage of how much your share of the profit is.

Partnerships are not liable to any profit-based taxation themselves although they may be liable for other forms of tax which we cover below.

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We’re all about making things as clear and as simple as possible – get in touch and find out how you can make a Black and White difference to your business accounting and finances.

Get in touch with us using the contact form below, tell us a little about yourself and put your mind at ease.

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Our friendly team is on hand to answer any of your queries. We will contact you within 24 hours to discuss your requirements and give an indication of pricing. Alternatively, you can contact us via phone or email using the details provided below:

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