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Partnership Accounting Services

Your very own expert Partnership Accountant

You’ll get your own dedicated partnership accountant – someone who understands how partnerships work and what they need to succeed. Whether you’re an 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.

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Unlimited help and advice
Leading cloud accounting software

Dedicated partnership accountant
All returns and filing included

Real-Time Bookkeeping
Reminders – never miss a deadline

We provide complete partnership accountancy services for businesses across the UK.

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Why use Accounting Wise for your Partnership Accounting?

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Your Own Dedicated Partnership Accountant

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When you join us, you will receive your very own dedicated partnership accountant. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries.

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Leading Accounting Software

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You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.

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Tailored Partnership Accounting Services

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Tax & Accounting packages tailored to suit your partnership business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making your business a success.

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Expert Advice

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Your dedicated partnership accountant will always be on hand to answer any questions about your partnership business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.

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Reminders

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We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your small business again.

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We currently support over 2,000 individuals, partnerships and businesses nationwide.

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Get started with the right Partnership accounting solution for your business

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Included in our Partnership Accounting Packages

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  • Reminders for all of your important deadlines

  • Access to business guides and resources

  • Unlimited help and advice

Get started with the right partnership accounting solution

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Common Partnership Business Accounting areas we can help with

Partnership Tax Returns & Accounts

Partnerships are required to prepare annual accounts and file a Partnership Tax Return with HMRC. As specialist partnership accountants, we’ll handle your accounts for partnerships, allocate profits correctly between partners, and ensure you remain fully compliant.

Partner Profit Shares & Drawings

Unlike limited companies, partnerships don’t pay dividends. Instead, profits are shared between partners. We’ll advise on the most tax-efficient way to manage profit allocations, drawings, and partner capital accounts, ensuring everything is clearly recorded and HMRC-ready.

VAT Registration & Returns

Whether your general partnership needs to register for VAT, join a scheme like Flat Rate, or just stay on top of quarterly returns, our partnership accounting experts make sure everything is accurate, timely, and optimised to avoid overpaying.

Bookkeeping & Expense Management

Keeping clear records is vital in partnership accounting. We’ll manage your bookkeeping, reconcile transactions, and make sure all allowable business expenses are claimed – from day-to-day running costs to partner expenses – so your taxable profits are minimised.

Business Structure & Growth Advice

Thinking about bringing in new partners, converting to an LLP, or restructuring? Our accountants for partnerships provide strategic advice to ensure your business setup supports your goals while remaining tax-efficient and legally compliant.

More Than Just Compliance

We don’t just produce accounts for partnerships – we act as your long-term partner. From cash flow forecasting and profit planning to advising on future growth, our general partnership accounting service gives you confidence and clarity in every financial decision.

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Our Accredited Accountants

You can feel safe in the knowledge that we are experts in our field.

Our online accountants have 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, and a HMRC registered Agent.

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Get started with the right accounting solution for your partnership business

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What is a Partnership?

A partnership is a type of business structure where two or more individuals share ownership, responsibilities, and profits. Unlike a limited company, a partnership is not a separate legal entity. This means the partners are personally responsible for the business’s debts and obligations.

Each partner contributes to the business whether through capital, skills, or labour and in return, they share in the profits (or losses) according to the terms set out in a partnership agreement. This agreement isn’t legally required, but it’s highly recommended to outline how the business will be run and how profits, duties, and liabilities will be divided.

There are two main types of partnerships in the UK:

  • Ordinary Partnership – All partners are equally responsible for managing the business and personally liable for any debts.
  • Limited Partnership or LLP (Limited Liability Partnership) – In an LLP, each partner’s liability is limited to the amount they invest. LLPs must be registered with Companies House.

If you’re running or setting up a partnership and need expert accounting support, our specialist Partnership Accountants are here to help get in touch today.

Partnership Accounting - What is a Partnership?
Pros and Cons of a Partnership Business

Pro‘s & Con’s of a Partnership

Business Partnership Advantages:

  • Business partnerships are relatively easy to establish; make sure time is taken to draft a partnership agreement to avoid future problems.
  • With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
  • The business can benefit by using the knowledge base and experience of all of the partners.

Business Partnership Disadvantages:

  • Business partners are liable for the actions of the other partners.
  • Business partners, like sole traders are liable for the actions of the business.
  • Since decisions are shared, disagreements can occur and therefore the decision making process can take longer.

Partnership Accounting Services

However, our partnership accounting services and partnership accountants will help you all the way.

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Stay Informed: Partnership Accounting News & Updates

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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How to Track and Manage Expenses for Your Sole Trader Business

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Accounting Wise - how to reinvest in partnership business for growth

How to Reinvest in your Partnership Business for Growth

Running a partnership business in the UK offers flexibility, shared responsibilities, and the ability to pool resources and skills. But once your partnership begins generating profits, one of the most critical decisions you and your partners face is what to do with those profits.

Essential FAQs for Partnership Accounting Services

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A partnership is a business structure where two or more individuals share ownership and responsibilities. Profits and losses are typically split according to the partnership agreement.

Partnerships must submit an annual partnership tax return (SA800) to HMRC, and each partner must file a personal Self Assessment tax return detailing their share of the profits.

Yes, partnerships must register with HMRC for tax purposes, and each partner must register for Self Assessment. The partnership must also register for VAT if its turnover exceeds the VAT threshold.

While not mandatory, hiring an accountant can help with managing partnership accounts, filing tax returns, and ensuring compliance with UK tax laws.

A partnership agreement is a legal document outlining how the partnership is run, including profit sharing, responsibilities, and dispute resolution. It is not legally required but highly recommended to avoid future conflicts.

Each partner is taxed on their share of the partnership’s profits. The partnership itself does not pay tax on its profits, but individual partners pay income tax, National Insurance, and potentially Capital Gains Tax.

In a general partnership, all partners are equally responsible for the business’s debts and liabilities. In a limited partnership, at least one partner has limited liability, meaning their personal assets are protected, while other partners take full liability.

Yes, partnerships can claim allowable business expenses such as rent, utilities, business travel, and office supplies. All expenses must be wholly and exclusively for business purposes.

Profits and losses are usually divided according to the partnership agreement. If no formal agreement exists, profits are typically shared equally among partners.

Partnerships must register for VAT if their turnover exceeds the VAT threshold. Voluntary registration is also possible if it benefits the business.

A nominated partner is responsible for keeping the business records and ensuring the partnership tax return is submitted to HMRC on time. This role is usually agreed upon by the partners.

Partners in a partnership do not receive a salary. Instead, they take a share of the profits, which is taxed through their personal tax returns. Salaries are not deductible expenses in a partnership.

Yes, a partnership can employ staff. The business will need to operate PAYE to deduct income tax and National Insurance from employee wages.

Dissolving a partnership can be done by mutual agreement, or if specified in the partnership agreement. The business assets will be divided, debts settled, and final accounts submitted to HMRC.

Yes, a partnership can be converted into a limited company. This involves incorporating the company with Companies House, transferring assets, and changing the business structure. Consult an accountant to manage the transition.

If a partner wants to leave, the partnership agreement should outline the procedure for this. If no agreement exists, the partnership may need to be dissolved unless the remaining partners agree to continue.

Switching to our partnership accountancy with us is simple.

1 Choose Your Package

Pick the partnership accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.

2 Sign up with Us

Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone

3 You’re ready to go

That is it, we will begin to set your partnership company services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC

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Formations Wise - Online Company Formation Services

Online Company Formation Services

Free company formation with our Pre-Built or Bespoke Accounting packages!

All official documents provided

Online Hub to manage your company

London Registered office Address

Your own incorporated limited company

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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.

Content is for general information only. Always take advice.