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Partnership Accounting Services

Your very own expert Partnership Accountant

It does not matter if you are an electrician, gas engineer, plumber, builder, law firm, florist, financial institution, catering company, events company, retail or wholesale business, restaurant or manufacturing company we have the partnership accountant and partnership accounting package for you from as little as £10 per month.

We take care of all your Partnership accounting and taxation requirements.

We can also help you set up your Partnership and ensure that you are operating in the most tax efficient way from the outset.

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Partnership Accounting Services from £10 Hero Image

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

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 the complete partnership accountancy for individuals and small businesses nationwide

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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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Unlimited
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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Regular Deadline
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 and businesses in the UK

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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

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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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What is a Partnership?

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.

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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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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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.