Time To Pay: partnership Time To Pay requests: introduction
Partners of a partnership are required to complete Self Assessment tax returns and pay any tax due. Where a partnership makes a profit each partner must declare their share of this profit and include this on their tax return.
In many instances if a partnership is currently making a loss individual partners may find they are unable to pay their Self Assessment liability in full. The same situation may be true for a number of partners within the partnership, if not most or all of the partners.
Where partners are unable to pay their Self Assessment debt because of the current trading situation of the partnership then if the partnership meets certain criteria we will be able to consider a request from an authorised representative of the partnership for TTP, rather than negotiate separately with each individual partner.