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Profitability can be the foremost consideration for partners and firms. In this TV show Pamela Sayers discusses why they also need to be aware of tax changes.
I think what partners and partnerships are saying, that we, the firms are slowly coming out of the recession, beginning to see perhaps a turnover and profits recovering to where they were perhaps four years ago, and now with this sort of attack on the taxation of partnerships this could add to increase costs and therefore still reduced profitability within the firms.
There has to be a general awareness by partners. Even though they might not be involved in the management and the running of the firm, they should have an awareness that there is an attack by HMRC on their own firm, which could affect their drawings, their allocation of profits, coupled with the increased sort of penalty and interest regime from HMRC; therefore, they need to be absolutely up to date with their own personal tax affairs as well to ensure there is no late filing of their returns.
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