You’ll get your own dedicated partnership accountant – someone who understands how partnerships work and what they need to succeed. Whether you are a tradesmen, law firm, florist, financial services provider, caterer, event organiser, retailer, wholesaler, restaurant, or manufacturer – we have the right partnership accounting package for you from as little as £10 per month.
We handle all your partnership accounting and tax requirements, so you can focus on running your business.
Starting a new partnership? We can help you set it up correctly and ensure you’re operating in the most tax-efficient way from day one.
Work with a team that understands your partnership. Get practical help with business accounts, profit shares and partner tax questions, so you can spend more time running the business together.
Keep invoices, expenses and payments organised with software. Share records with your accountant and see how the partnership is performing, without relying on scattered spreadsheets and receipts.
Build a package around your partnership’s needs. Choose business accounts, partnership and partner returns, bookkeeping, VAT and payroll support, with clear fees and service before the work begins.
Get unlimited phone and email support for everyday accounting questions within your agreed package. Understand expenses, profit allocations and drawings, with specialist work scoped separately when required.
Stay organised with reminders for agreed partnership and personal tax deadlines. Know what records we need and when, so partners can prepare ahead rather than leaving everything until filing time.
Choose the services your partnership needs and build your monthly quote. Include partnership accounts, the SA800 return and the personal tax returns you want us to handle, then add bookkeeping, VAT or employee payroll where needed.
— Customer Reviews
What our Partnership clients say
★★★★★ 5 out of 5
"Very helpful company and service. The cost is highly competitive and the installments make it a great option for traders looking balance their outgoings. This low cost doesn't impact the quality received. Easy onboarding, very clear systems in place for usage and excellent service when working out yearly tax. All done 6 months before deadlines. Very happy and will continue to have their support"
"Worked with Chris for a few years. He went above and beyond what I would have expected and helped me navigate a few tricky tax situations that saved me a lot of time and money. These guys are definitely worth the price. Great service and availability."
"I moved to Accounting Wise after issues with my previous accountant, Chris and the team have been fantastic since I joined, anything I've needed help with they have been more than accommodating, taking time to explain things I didn't know or hadn't been told, efficient and trustworthy which is exactly what I was looking for"
You’re free to leave whenever you like, we’re just confident you won’t want to. Come and go as you please, no lock-ins and no catch.
Accounting services built around your partnership
Your partnership’s return and each partner’s personal return are separate pieces of work that need consistent figures. Start with the business accounts and SA800, then choose personal tax and day-to-day support suited to your partners, records and employees.
Understand your partnership’s performance with annual accounts prepared from your business records. We explain income, expenses and profit, giving partners clear figures to review and a reliable foundation for the partnership’s agreed tax returns.
Partnership Tax Return (SA800)
We prepare and submit your SA800 Partnership Tax Return, recording business income, allowable expenses and agreed profit allocations. Get consistent figures for each partner’s return, with clear guidance on the records and approvals needed.
Keep your partnership’s transactions, receipts and invoices organised with support matched to your needs. Choose software guidance or managed bookkeeping, with the work and transaction limits agreed upfront, so your records stay clear and useful.
We help individual partners report their allocated profit share and other personal income within the agreed scope. Keep personal returns consistent with the partnership figures, with the number of partners and services covered confirmed upfront.
We prepare and submit your partnership’s VAT returns using compatible accounting software. Get practical support with VAT records, relevant schemes and filing deadlines, with registration services and any additional work clearly agreed in your quote.
We handle employee payroll calculations, payslips and Real Time Information submissions to HMRC. Discuss pay frequency, employee numbers and pension support, with service limits agreed upfront and partners’ drawings recorded separately from your employee payroll.
Profit shares and drawings
Keep a clear record of each partner’s agreed profit share, drawings and capital contributions. We explain how these figures connect, helping you understand individual partner balances and keep the partnership accounts and tax returns consistent.
Tax planning and partner changes
Plan ahead for tax payments and changes in your partnership. We explain relevant expenses, profit allocations and the accounting impact of partners joining or leaving, identifying where separate specialist tax or legal advice is needed.
Get started with the right business accounting solution today!
Qualified expertise. Practical support for your partnership.
Bring your partnership accounts, profit allocations and partners’ tax returns together with an experienced accounting team. Our fixed-fee packages provide clearly agreed services and practical advice for your business and its partners. Our accountants hold a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm.
Get started with the right accounting for your Business
The right support for your partnership’s next step
Whether you’re starting together, growing your business or changing partners, your accounting needs evolve. Get support tailored to your partnership’s records, profit-sharing arrangements and the individual partners involved.
Start with organised records and clear responsibilities between partners. We help you set up bookkeeping, discuss HMRC registrations and prepare for your first partnership accounts and tax return, with agreed profit shares and personal returns considered from the outset.
Established and family partnerships
Keep your business accounts and partners’ tax returns working together. We help you understand profits, record drawings and plan for personal tax payments, with practical support that reflects your agreed profit-sharing arrangements and how you run the business together.
Keep your accounting support aligned with your partnership as transactions increase and your team expands. Add bookkeeping, VAT and employee payroll services where needed, with clear service limits and regular discussions about whether your package still meets your requirements.
Partners joining or leaving
Keep your accounting records clear when your partnership changes. We review profit allocations, drawings and partner balances, helping you understand the accounting implications of someone joining or leaving, with specialist tax or legal advice identified where your circumstances require.
Move with a clear handover plan for your partnership and the individual partners we support. We can liaise with your previous accountant, review available records and agree outstanding work, with upcoming deadlines and any additional costs identified before starting.
Overdue records and returns
Bring your partnership’s records and tax returns up to date with a practical plan. We review available information, outstanding business and partner returns, then agree the work required, likely timescales and a clear quote before helping you move forward.
Partnership accounting that understands your sector
Running a trade business, practice or online shop brings different accounting needs. We tailor support to your income, expenses and records, while keeping the partnership’s figures consistent with each partner’s agreed profit share.
From transactions to subcontractor payments and employee wages, we help organise the business records alongside partners’ drawings and capital contributions, with services around how your partnership operates.
Get started with the right business accounting solution today!
Stay Connected with Accounting Wise: Your go-to source for the latest updates in partnership company accounting, UK business finance news, regulatory changes, and practical resources tailored to help companies stay compliant and financially healthy.
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Essential FAQs for Partnership Accounting Services
A partnership is a business run by two or more people, or a company, who share its risks and profits. Partners are jointly responsible for the business’s losses and bills, and each partner pays tax on their own share of the profits.
Accounting Wise partnership packages start from as little as £10 per month, with 50% off our services for the first 6 months when you sign up. Your price depends on your turnover, the number of partners and the services you add, such as bookkeeping, VAT or payroll.
Compare our partnership pricing or use the package builder on this page for an instant quote.
Do I need an accountant for my partnership?
No, an accountant is not a legal requirement, but partnerships have more to file than a sole trader. The partnership needs accounts and a Partnership Tax Return, and every partner needs a personal Self Assessment return showing their share of the profit.
An accountant keeps the records in order, prepares the SA800, allocates profits between partners and flags deadlines, which reduces the risk of errors and penalties for every partner.
What are the accounting and tax requirements for a partnership?
A partnership must keep accounting records, prepare annual accounts and file a Partnership Tax Return (SA800) with HMRC. Each partner then files a personal Self Assessment return reporting their share of the profit.
The SA800 reports the partnership’s profits, losses and income, and allocates each partner’s share. Partners use that allocation to complete their own returns. Our accounts preparation covers the partnership accounts, the SA800 and the partners’ Self Assessment.
What are the key tax deadlines for a partnership?
For the 2025 to 2026 tax year, the Partnership Tax Return is due by 31 October 2026 on paper or 31 January 2027 online. Each partner’s personal return and tax payment are normally due by 31 January 2027, and payments on account fall on 31 January and 31 July.
Requirement
Filed with
Deadline (2025 to 2026 tax year)
Partnership Tax Return (SA800), paper
HMRC
31 October 2026
Partnership Tax Return (SA800), online
HMRC
31 January 2027
Each partner’s Self Assessment return (online)
HMRC
31 January 2027
Each partner’s tax payment
HMRC
31 January 2027, with payments on account on 31 January and 31 July
New partner registering for Self Assessment
HMRC
5 October after the end of the tax year
VAT registration
HMRC
When the partnership’s VAT taxable turnover goes over £90,000
Different dates apply if HMRC issues the return after 31 July, or if a company is a partner. Each partner is liable to automatic penalties if the partnership return is late, so we send reminders for every deadline.
Do partnerships need to register with HMRC?
Yes. A partnership must register with HMRC, and each partner must register for Self Assessment. A new partner must tell HMRC by 5 October after the end of the tax year in which they joined. The partnership registers for VAT separately, if it needs to.
The partnership is registered through its nominated partner. We handle registration as part of our partnership accounting service.
How is a partnership taxed?
The partnership itself does not pay Income Tax on its profits. Each partner pays Income Tax and Class 4 National Insurance on their own share, through their personal Self Assessment return.
For 2026 to 2027 (outside Scotland), the first £12,570 is covered by the Personal Allowance. Income Tax is then 20% up to £50,270, 40% up to £125,140 and 45% above that. Class 4 National Insurance is 6% on profits between £12,570 and £50,270, and 2% above. Class 2 is no longer compulsory. See our tax rates and allowances page.
Should I run a partnership, an LLP or a limited company?
It depends on liability, tax and how much admin you accept. An ordinary partnership is simplest, but partners are jointly responsible for its debts. A limited liability partnership (LLP) or limited company is a separate legal entity with limited liability, at the cost of more filings and a public record at Companies House.
Partnership
LLP
Limited company
Legal status
Not separate from the partners
Separate legal entity
Separate legal entity
Liability
Partners are jointly responsible for losses and bills
Members’ liability is limited
Shareholders’ liability is limited
Registration
HMRC
Companies House and HMRC
Companies House and HMRC
Tax on profits
Each partner pays Income Tax and Class 4 NIC on their share
Members are taxed on their share, in the same way as partners
Corporation Tax at 19% to 25%, then tax on salary or dividends taken
Main filings
SA800 and each partner’s Self Assessment
LLP accounts, SA800, confirmation statement and members’ Self Assessment
Company accounts, Company Tax Return, confirmation statement and directors’ Self Assessment
Public record
No Companies House record
Public Companies House record
Public Companies House record
A limited partnership is different again: it has at least one partner with unlimited liability and one with limited liability. We can compare the options for you, and we also provide LLP accounting and limited company accounting.
What is a partnership agreement, and is it required?
A partnership agreement is a written document setting out how the partnership runs, including profit shares, responsibilities, capital, decision-making and what happens if a partner leaves. It is not a legal requirement, but it is strongly recommended.
Without one, the default rules of the Partnership Act 1890 apply, which usually means equal shares and equal say regardless of who contributed more. We can help document the agreement as part of our partnership packages, alongside advice from a solicitor.
How do partners share profits and losses?
Partners share profits and losses as set out in the partnership agreement. If there is no agreement, profits and losses are usually shared equally. The accountant then allocates each partner’s share on the Partnership Tax Return.
Each partner pays tax on their allocated share, whether or not they withdrew that amount as drawings. See our partnership accounting service for help with profit shares.
Can partners pay themselves a salary, and can a partnership employ staff?
Partners are not employees, so they do not receive a PAYE salary. Instead, they take drawings and a share of the profit. If the partnership agreement gives a partner a “salary”, it is treated as a way of allocating profit, and it is taxed through that partner’s personal return.
The partnership can employ staff, and it must then run PAYE. We handle payroll and PAYE as an add-on service.
What does the nominated partner do?
The nominated partner is responsible for managing the partnership’s tax returns and keeping its business records. They complete and send the Partnership Tax Return and sign the declaration confirming it is correct and complete.
The partners choose the nominated partner between them. If they cannot agree, HMRC can nominate one. Every partner still has to file their own personal return and is liable to penalties if the partnership return is late. See the SA800 on GOV.UK.
Do partnerships need to register for VAT?
The partnership must register for VAT when its VAT taxable turnover goes over £90,000. It registers as one business, not partner by partner. Below that, registration is optional, which can help if your customers are VAT-registered and can reclaim it.
Check turnover regularly, because registration depends on turnover rather than profit. We can handle VAT registration and returns for you.
Can a partnership claim business expenses?
Yes. A partnership can deduct expenses that are incurred wholly and exclusively for the business, such as rent, utilities, business travel, insurance, software and office supplies. Personal costs cannot be claimed.
Allowable expenses reduce the partnership’s profit before it is split between the partners, so accurate records matter. Our bookkeeping service keeps receipts and transactions organised, and the mileage expenses calculator helps with travel.
What happens if a partner leaves or the partnership closes?
The partnership agreement should set out what happens when a partner leaves. If there is no agreement, a partner leaving can bring the partnership to an end unless the remaining partners agree to continue. Changes in partners must be reported to HMRC.
To close a partnership, the partners agree to dissolve it, settle the debts, divide the assets and file final accounts and tax returns. A leaving partner’s final share of profit is allocated in the last partnership return. We can handle partner changes and closure accounts, so speak to us before you act.
Can a partnership be converted into a limited company?
Yes. The partners form a limited company, register it with Companies House and HMRC, and move the business, its assets and contracts into it. The partnership then ceases trading and files final accounts and returns.
The change affects tax, liability and how profits are paid out, so plan it with an accountant before you start. We can compare the structures and manage the move through our limited company accounting service.
Switching Partnership Accountants Is Simple
1 Choose Your Package
Compare our partnership packages or build your own quote. Choose the business services and individual partner returns you need, then add bookkeeping, VAT or employee payroll support to see your monthly fee.
2 Confirm Your Details
Sign up online or speak to our team. We’ll confirm your partnership details, the partners we’ll support and your agreed services, with clear fees, service limits and a start date.
3 We Arrange the Handover
We can contact your previous accountant, request the relevant records and arrange HMRC authorisations. We’ll agree who handles outstanding accounts and returns, so your partnership and its partners know what happens next.
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