Partners in Professional Firms
New partners webinar series
Have you been made a partner in the last two years or due to be appointed?
Becoming a partner may change your tax status and affect your finances. We will help you understand what the implications of becoming a partner are, demystify some of the key financial documents.
About us
We provide a comprehensive service to partners in professional firms, covering both your working life and your personal tax affairs.
As partners in a professional firm, we know that you need proactive advice that is relevant for you. We offer you the reassurance that we understand your specific needs and concerns.
Our team is available to you when you need us. You can rely on us to provide the right advice and to support you throughout your career.
What we do for you
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I really value the relationship with Crowe and having seen the way my tax return is handled by Louis and his team in the past six years compared to my previous accountants, there is a massive difference. I felt with my previous accountants there was no access to partners, it was limited, not commercial and they did not have a pragmatic approach or think creatively. Louis was able to get my personal tax work respected by HMRC and partnership tax, where my previous accountants weren’t able to gain the respect in two years and Louis was able to achieve this for me in two months.
Case studies
Change in tax position and forward planning
We act for a partner in a legal firm who was seeking tax advice surrounding his retirement from the partnership and the resulting tax impact.This included providing detailed advice on:
- the UK tax implications of his retirement and how this will be assessed
- tax effect of changing from a self-employed to employed basis
- employment income to achieve maximum cash flow advantage in relation to tax
- explanation and calculation of future tax liabilities in order for him to structure his finances in an appropriate manner
- capital gains tax on main residence.
Our client was able to feel assured and knowledgeable in respect of his tax liabilities given the change in his employment status. As a result, he was able to plan for the future with more certainty.
Advising partners from US law firm
We act for numerous partners of US law firms who are based in the UK but receive a share of the US profits. Each year we prepare their UK tax returns, a process which involves advising on matters such as:
- analysing the Federal and State US returns and the K-1 document
- determining what element of the income is UK or US source
- calculating the foreign tax credit which can be used as a credit against the UK liability.
This is a complex area which requires close liaison with HQ and a hands on approach to understand how everything fits together across the different jurisdictions. We are in regular contact with our clients, ensuring that they understand their financial position at all times.
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