We are partnership specialists and understand the importance of restructuring and tax planning being appropriately reflected in the partnership accounts.

Succession

Ensuring a smooth transition in a partnership is crucial for long-term stability and continued success. Whether you’re planning for retirement, introducing new partners, or restructuring ownership, we are here to help.

The tax implications of succession can be significant, affecting both outgoing and incoming partners. We help structure succession plans in a tax-efficient manner, considering Capital Gains Tax (CGT), Inheritance Tax (IHT), and Stamp Duty Land Tax (SDLT) where applicable. By leveraging available reliefs and reviewing legal agreements, we ensure that transitions are as smooth and financially efficient as possible.

We recommend working with your accountant to ensure that the partnership accounts are consistent with the planning undertaken.

Farming Partnerships

Most farming partners are family-run businesses and we understand this adds unique challenges to planning.

Unlike other partnerships, where decisions may be purely commercial, family relationships, emotions, and long-standing traditions can complicate the process. Without clear planning, disagreements over control, ownership, and financial arrangements can lead to tensions that put both the farm and family relationships at risk.

We advise on tax-efficient ways to transfer assets, making use of IHT Agricultural Property Relief, Business Property Relief, and CGT reliefs to minimise tax exposure. Our tax strategies also take into account the personal and emotional factors involved.

We also assist with partnership disputes.

Collaboration

Partnerships involve a range of accounting, tax, and legal considerations that require careful planning and professional expertise.

This should involve drawing up a partnership agreement, which is a crucial document that defines the rights and responsibilities of each partner, providing a clear framework for how the business operates. Without one, partnerships default to general legal provisions, which may not suit the specific needs of the business or its partners.

Whether it’s structuring the business efficiently, ensuring tax compliance, or managing succession, a well-coordinated approach is essential. That’s why we work closely with other professionals, including accountants, lawyers, valuers, financial advisors, and business consultants, to provide a joined-up service that meets your needs.