As a partnership, you must file an annual partnership tax return, showing profits or losses. Each partner is also responsible for their own personal tax return, declaring their share of profits. VAT registration may be required if your turnover exceeds the threshold. At MMP we can help make this as easy as possible.

At MMP, we help minimise your tax liability by identifying allowable expenses, applying tax reliefs, and recommending tax-efficient strategies. We also optimise your business structure and offer tailored advice to reduce your tax burden, ensuring you stay compliant while maximising your financial potential.

Improving cashflow management involves monitoring income and expenses, setting clear payment terms, and keeping track of outstanding invoices. MMP can help by streamlining your invoicing process, advising on credit control, and implementing cashflow forecasting, ensuring your business maintains a healthy and consistent cashflow.

In a partnership, profits and losses are typically allocated based on the partnership agreement. This could be equal shares or according to each partner’s capital contribution or agreed terms. MMP can assist in structuring and documenting the allocation to ensure clarity and compliance.