Partnership Accounting Services
Your own dedicated partnership accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline
Your own dedicated partnership accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline
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.
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.
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.
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.
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.
Get started with the right Partnership accounting solution for your business
Get started with the right partnership accounting solution
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.
Get started with the right accounting solution for your partnership business
A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name and is responsible for its own actions, finances and liabilities.
The owners of a company are protected by ‘limited liability’, which means they are only responsible for business debts up to the value of their investments or what they guarantee to the company.
A limited company must be registered at Companies House (UK registrar of companies) as ‘limited by shares’ or ‘limited by guarantee’. Limited by shares companies are owned by one or more shareholders and managed by one or more directors. Limited by guarantee companies are owned by one or more guarantors and managed by one or more directors.
The same person can be the owner and director, so you can set up a company by yourself or with other people.
Get in contact today if you are looking for a Limited Company Accountant to help with your Limited Company Accounting.
However, our partnership accounting services and partnership accountants will help you all the way.
Get started with the right partnership accounting solution
What is a partnership?
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.
What are the accounting requirements for a partnership?
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.
Do partnerships need to register with HMRC?
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.
Do I need an accountant for my partnership?
While not mandatory, hiring an accountant can help with managing partnership accounts, filing tax returns, and ensuring compliance with UK tax laws.
What is a partnership agreement, and is it required?
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.
How is income taxed in a partnership?
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.
What is the difference between a general partnership and a limited partnership?
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.
Can a partnership claim business expenses?
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.
How do partners share profits and losses?
Profits and losses are usually divided according to the partnership agreement. If no formal agreement exists, profits are typically shared equally among partners.
What are the VAT requirements for a partnership?
Partnerships must register for VAT if their turnover exceeds the VAT threshold. Voluntary registration is also possible if it benefits the business.
What is the role of a nominated partner in a partnership?
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.
Can I pay myself a salary in a partnership?
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.
Can a partnership employ staff?
Yes, a partnership can employ staff. The business will need to operate PAYE to deduct income tax and National Insurance from employee wages.
How do I dissolve a partnership?
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.
Can a partnership be converted into a limited company?
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.
What happens if one partner wants to leave the partnership?
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.
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