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Partnership taxation covers how income earned by a business run as a partnership is taxed. A solicitor practicing in this area helps with the tax arrangements for the partnership and its partners, including completing and filing the Partnership Tax Return, calculating each partner’s share of profits, and advising on reliefs and allowable deductions. They also handle matters arising from changes to the partnership, such as admitting or retiring partners, reconstituting the partnership, or dissolving it, and explain the tax consequences of any restructuring.
