Partnership Accounting Services

It does not matter if you’re 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 for you from as little as £20 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.

Included in the Partnership Accounting Package

Why use Accounting Wise for your Partnership Accounting?

Unlimited Support

Partnerships tend to be small businesses and so need as much help as possible from their accountant. This is why our Partnership Accounting service offers unlimited help and advice throughout the year, included within the monthly payment.

Simple Advice

The accounting industry is renowned for confusing business owners with needless complexity. Jipps & Co appreciate that most business owners do not have an accounting or tax background and therefore always strive to give advice in simple English. We will explain your financials in a clear and concise manner and help you to understand our reporting of your business.

Regular Monitoring

We monitor our Partnership clients on a regular basis to ensure that they are operating as tax efficiently as legally possible. With every piece of work that we do we look to make recommendations to improve your business. These recommendations could include tax efficiency suggestions or advice on how to better keep records.

Representation in Tax Inspections

Although tax inspections are rare, it is possible that you could be investigated at random. In the event of a HMRC investigation we would represent you at no extra cost. This would be included in your monthly fee. We would fight your corner and ensure that HMRC receive only the money they are due and not a penny more.

Bookkeeping – Partnership Accounting

We can complete the bookkeeping for our clients or alternatively they can complete the bookkeeping themselves to keep costs to a minimum. We provide simple accounting software to sole trader clients which help them to keep their records properly and in a way that we can use their information to complete accounts.

What is a Partnership?

A Partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are responsible for the debts and contracts of the business, and are personally liable if the business does get into financial difficulties.

Partnerships can be a great way to operate if you are looking for a simple way of going into business with one or more people.

The structure can also be beneficial if there are many partners, as adding and removing partners and their share of ownership of the businesses is very straight forward to do. This is one reason business owners prefer to trade as a Partnership over a Limited Company.

Partnership Accounting

A Partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are responsible for the debts and contracts of the business, and are personally liable if the business does get into financial difficulties.

Partnerships can be a great way to operate if you are looking for a simple way of going into business with one or more people.

The structure can also be beneficial if there are many partners, as adding and removing partners and their share of ownership of the businesses is very straight forward to do. This is one reason business owners prefer to trade as a Partnership over a Limited Company.

Pro‘s & Con’s of a Partnership

Partnership Accounting

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.

Our Accreditations

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.

ACCA
ICPA
AAT